https://www.taxtmi.com/caselaws?id=443139 Section 80P(4) excludes only a co-operative bank within the statutory meaning drawn from the Banking Regulation Act, 1949 and the NABARD Act, 1981. An apex co-operative society that provides credit only to its member co-operative societies, and does not carry on banking business with the public, does not fall within that exclusion and remains eligible for deduction under Section 80P(2)(a)(i). The Supreme Court also held that Mavilayi Service Co-operative Bank supports this construction of Section 80P as a beneficial provision and does not disqualify such an assessee. The deduction was therefore allowed and the contrary orders were set aside. en-us Thu, 14 Sep 2023 00:00:00 +0530 Thu, 09 Jan 2025 14:17:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443139 Section 80P(4) excludes only a co-operative bank within the statutory meaning drawn from the Banking Regulation Act, 1949 and the NABARD Act, 1981. An apex co-operative society that provides credit only to its member co-operative societies, and does not carry on banking business with the public, does not fall within that exclusion and remains eligible for deduction under Section 80P(2)(a)(i). The Supreme Court also held that Mavilayi Service Co-operative Bank supports this construction of Section 80P as a beneficial provision and does not disqualify such an assessee. The deduction was therefore allowed and the contrary orders were set aside. Case-Laws Income Tax Thu, 14 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443139