https://www.taxtmi.com/caselaws?id=467563 A co-operative credit society that accepted deposits only from members and provided credit facilities only to members was treated as eligible for deduction under section 80P(2)(a)(i). The absence of banking features such as cheque books, drafts, or dealings with the general public meant the society was not carrying on banking business as a co-operative bank, so the exclusion under section 80P(4) did not apply. The analysis also noted that there was no material showing operation on the strength of an RBI banking licence, and the view aligned with the assessee's earlier year and similar High Court guidance. The society remained entitled to the deduction. en-us Fri, 15 Jun 2018 00:00:00 +0530 Tue, 24 Mar 2026 15:16:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467563 A co-operative credit society that accepted deposits only from members and provided credit facilities only to members was treated as eligible for deduction under section 80P(2)(a)(i). The absence of banking features such as cheque books, drafts, or dealings with the general public meant the society was not carrying on banking business as a co-operative bank, so the exclusion under section 80P(4) did not apply. The analysis also noted that there was no material showing operation on the strength of an RBI banking licence, and the view aligned with the assessee's earlier year and similar High Court guidance. The society remained entitled to the deduction. Case-Laws Income Tax Fri, 15 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467563