https://www.taxtmi.com/caselaws?id=752044 Deduction under section 80P depends on whether a co-operative society satisfies the statutory test of a co-operative bank under the Banking Regulation Act, 1949, read with its bye-laws and the governing co-operative law. Mere classification as a Primary Agricultural Credit Society does not by itself settle eligibility where the bye-laws permit banking activity with members and non-members. Because the bye-laws were not available in usable form, factual verification was required before deciding whether section 80P(4) applied and what deduction, if any, remained available. The matter was therefore remitted for reconsideration on the assessee's eligibility and the extent of deduction. en-us Tue, 30 Apr 2024 00:00:00 +0530 Thu, 02 May 2024 08:23:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752044 Deduction under section 80P depends on whether a co-operative society satisfies the statutory test of a co-operative bank under the Banking Regulation Act, 1949, read with its bye-laws and the governing co-operative law. Mere classification as a Primary Agricultural Credit Society does not by itself settle eligibility where the bye-laws permit banking activity with members and non-members. Because the bye-laws were not available in usable form, factual verification was required before deciding whether section 80P(4) applied and what deduction, if any, remained available. The matter was therefore remitted for reconsideration on the assessee's eligibility and the extent of deduction. Case-Laws Income Tax Tue, 30 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752044