https://www.taxtmi.com/caselaws?id=311803 A co-operative credit society was examined to determine whether it met the statutory ingredients of a primary co-operative bank under the Banking Regulation Act, 1949, for the purpose of section 80P(4) of the Income-tax Act, 1961. The society's acceptance of deposits, including from non-members, and its lending activity satisfied the banking-business test; its paid-up capital and reserves also exceeded the prescribed minimum. Its bye-laws restricted membership to individuals and did not permit admission of another co-operative society as a member. On that basis, it fell within the definition of a primary co-operative bank and was excluded from deduction under section 80P(2)(a)(i). en-us Thu, 14 Aug 2014 00:00:00 +0530 Sun, 14 Jan 2024 09:29:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311803 A co-operative credit society was examined to determine whether it met the statutory ingredients of a primary co-operative bank under the Banking Regulation Act, 1949, for the purpose of section 80P(4) of the Income-tax Act, 1961. The society's acceptance of deposits, including from non-members, and its lending activity satisfied the banking-business test; its paid-up capital and reserves also exceeded the prescribed minimum. Its bye-laws restricted membership to individuals and did not permit admission of another co-operative society as a member. On that basis, it fell within the definition of a primary co-operative bank and was excluded from deduction under section 80P(2)(a)(i). Case-Laws Income Tax Thu, 14 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311803