https://www.taxtmi.com/caselaws?id=460093 A co-operative society engaged in providing credit facilities to its members was entitled to deduction under section 80P(2)(a)(i) because it was not functioning as a co-operative bank. The Tribunal examined the statutory scheme of section 80P, the exclusion in section 80P(4), the Banking Regulation Act definitions, and the nature of Souharda societies, and found that the assessee was registered as a co-operative society and had no banking licence from the RBI. It followed jurisdictional High Court rulings and concluded that section 80P(4) did not apply, so the Revenue's challenge failed. en-us Tue, 04 Aug 2015 00:00:00 +0530 Fri, 10 Jan 2025 20:17:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460093 A co-operative society engaged in providing credit facilities to its members was entitled to deduction under section 80P(2)(a)(i) because it was not functioning as a co-operative bank. The Tribunal examined the statutory scheme of section 80P, the exclusion in section 80P(4), the Banking Regulation Act definitions, and the nature of Souharda societies, and found that the assessee was registered as a co-operative society and had no banking licence from the RBI. It followed jurisdictional High Court rulings and concluded that section 80P(4) did not apply, so the Revenue's challenge failed. Case-Laws Income Tax Tue, 04 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460093