https://www.taxtmi.com/caselaws?id=448366 A co-operative society carrying on banking activity was held not to be excluded from deduction under section 80P merely because it accepted deposits and functioned like a bank, since it was not shown to satisfy the statutory definition of a co-operative bank under section 80P(4). The provision was construed strictly and confined to its text, leaving section 80P(2)(a)(i) available for eligible co-operative banking income. Interest income in Sivapuram Service Co-operative Bank Ltd. was also allowed under section 80P(2)(d) to the extent it arose from investment with a co-operative bank and was not otherwise covered as banking income. en-us Wed, 13 Dec 2023 00:00:00 +0530 Wed, 17 Jan 2024 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448366 A co-operative society carrying on banking activity was held not to be excluded from deduction under section 80P merely because it accepted deposits and functioned like a bank, since it was not shown to satisfy the statutory definition of a co-operative bank under section 80P(4). The provision was construed strictly and confined to its text, leaving section 80P(2)(a)(i) available for eligible co-operative banking income. Interest income in Sivapuram Service Co-operative Bank Ltd. was also allowed under section 80P(2)(d) to the extent it arose from investment with a co-operative bank and was not otherwise covered as banking income. Case-Laws Income Tax Wed, 13 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448366