https://www.taxtmi.com/caselaws?id=306154 A co-operative credit society that confined its activities to accepting deposits from and lending to members, without offering banking facilities to the general public, remained entitled to deduction under section 80P(2)(a)(i). Section 80P(4) was held to exclude only co-operative banks, not a co-operative credit society that is not a co-operative bank. The reference to section 56(c)(ccv) of the Banking Regulation Act, 1949 did not alter that position on the facts found. The Revenue's objection failed, and the deduction claimed by the assessee was upheld. en-us Wed, 29 Oct 2014 00:00:00 +0530 Fri, 13 Jan 2023 21:11:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306154 A co-operative credit society that confined its activities to accepting deposits from and lending to members, without offering banking facilities to the general public, remained entitled to deduction under section 80P(2)(a)(i). Section 80P(4) was held to exclude only co-operative banks, not a co-operative credit society that is not a co-operative bank. The reference to section 56(c)(ccv) of the Banking Regulation Act, 1949 did not alter that position on the facts found. The Revenue's objection failed, and the deduction claimed by the assessee was upheld. Case-Laws Income Tax Wed, 29 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306154