https://www.taxtmi.com/caselaws?id=752001 Section 80P deduction depends on whether the assessee falls within the co-operative bank exclusion in section 80P(4). The Tribunal noted that the assessee's lending and deposit-taking activities indicated banking activity, and that the Banking Regulation Act, 1949 definitions of co-operative bank and primary co-operative bank govern the exclusion. It also found that the plea based on the bye-laws permitting admission of other co-operative societies as members had not been properly adjudicated and the bye-laws were not reliably on record. The matter was therefore restored to the Assessing Officer for fresh examination of the assessee's status under the Banking Regulation Act and its entitlement to deduction under section 80P(1) read with section 80P(2)(a)(i). en-us Tue, 26 Mar 2024 00:00:00 +0530 Wed, 01 May 2024 19:53:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752001 Section 80P deduction depends on whether the assessee falls within the co-operative bank exclusion in section 80P(4). The Tribunal noted that the assessee's lending and deposit-taking activities indicated banking activity, and that the Banking Regulation Act, 1949 definitions of co-operative bank and primary co-operative bank govern the exclusion. It also found that the plea based on the bye-laws permitting admission of other co-operative societies as members had not been properly adjudicated and the bye-laws were not reliably on record. The matter was therefore restored to the Assessing Officer for fresh examination of the assessee's status under the Banking Regulation Act and its entitlement to deduction under section 80P(1) read with section 80P(2)(a)(i). Case-Laws Income Tax Tue, 26 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752001