https://www.taxtmi.com/caselaws?id=752003 Eligibility for deduction under section 80P depended on whether the society functioned as a co-operative bank and therefore fell within the exclusion in section 80P(4). The Tribunal noted that bye-laws permitting deposits from and loans to non-members may amount to banking under section 5(b) of the Banking Regulation Act, 1949, and that a predominantly non-agricultural lending pattern may affect the society's character for deduction purposes. As the bye-laws on record were incomplete, the matter was restored for fresh determination of whether the assessee was, or was not, a co-operative bank and the extent of deduction admissible. en-us Mon, 29 Apr 2024 00:00:00 +0530 Wed, 01 May 2024 19:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752003 Eligibility for deduction under section 80P depended on whether the society functioned as a co-operative bank and therefore fell within the exclusion in section 80P(4). The Tribunal noted that bye-laws permitting deposits from and loans to non-members may amount to banking under section 5(b) of the Banking Regulation Act, 1949, and that a predominantly non-agricultural lending pattern may affect the society's character for deduction purposes. As the bye-laws on record were incomplete, the matter was restored for fresh determination of whether the assessee was, or was not, a co-operative bank and the extent of deduction admissible. Case-Laws Income Tax Mon, 29 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752003