https://www.taxtmi.com/caselaws?id=55230 A registered co-operative society carrying on banking business retained its status for tax purposes because its registration and banking licence had not been cancelled by the competent authorities. Alleged irregularities in loan sanctions, security requirements, membership formalities and internal banking compliance were matters for the Registrar and other regulatory authorities under the Gujarat Co-operative Societies Act, 1961, and did not by themselves permit the revenue to ignore the society's continuing legal character. On that basis, the society remained entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. en-us Mon, 20 Apr 1992 00:00:00 +0530 Wed, 24 Nov 2010 17:03:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55230 A registered co-operative society carrying on banking business retained its status for tax purposes because its registration and banking licence had not been cancelled by the competent authorities. Alleged irregularities in loan sanctions, security requirements, membership formalities and internal banking compliance were matters for the Registrar and other regulatory authorities under the Gujarat Co-operative Societies Act, 1961, and did not by themselves permit the revenue to ignore the society's continuing legal character. On that basis, the society remained entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. Case-Laws Income Tax Mon, 20 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55230