https://www.taxtmi.com/caselaws?id=437565 The Supreme Court dismissed the appeal, ruling in favor of the Assessee, a co-operative credit society, against the Revenue. The Court held that the respondent does not qualify as a Co-operative Bank under Section 80P(4) of the Income Tax Act but is entitled to exemption under Section 80(P)(2) as a credit society. The Court upheld the lower authorities' findings that the respondent is not a bank, emphasizing the distinction between credit societies and banks based on their activities and the definition under the Banking Regulation Act. en-us Thu, 20 Apr 2023 00:00:00 +0530 Wed, 03 Jun 2026 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437565 The Supreme Court dismissed the appeal, ruling in favor of the Assessee, a co-operative credit society, against the Revenue. The Court held that the respondent does not qualify as a Co-operative Bank under Section 80P(4) of the Income Tax Act but is entitled to exemption under Section 80(P)(2) as a credit society. The Court upheld the lower authorities' findings that the respondent is not a bank, emphasizing the distinction between credit societies and banks based on their activities and the definition under the Banking Regulation Act. Case-Laws Income Tax Thu, 20 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437565