https://www.taxtmi.com/caselaws?id=432779 A primary agricultural co-operative credit society registered under State co-operative law may qualify for deduction under section 80P(2)(a)(i) where it provides credit facilities without carrying on banking business and without holding a banking licence. Section 80P(4) does not apply to such a society merely because it admits associate members, if it is not a co-operative bank within the statutory sense. The prevailing judicial position treats the membership structure and governing co-operative law as relevant, but not sufficient by themselves to attract the banking exclusion. en-us Wed, 11 Jan 2023 00:00:00 +0530 Thu, 12 Jan 2023 14:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432779 A primary agricultural co-operative credit society registered under State co-operative law may qualify for deduction under section 80P(2)(a)(i) where it provides credit facilities without carrying on banking business and without holding a banking licence. Section 80P(4) does not apply to such a society merely because it admits associate members, if it is not a co-operative bank within the statutory sense. The prevailing judicial position treats the membership structure and governing co-operative law as relevant, but not sufficient by themselves to attract the banking exclusion. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432779