2015 (1) TMI 874

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.... Lava, Advs. ORDER This appeal is preferred by the revenue challenging the order passed by the Tribunal, where in it is held that sub-section (4) of Section 80P of the Income Tax Act, 1961 is applicable only to co-operative banks and not to credit co-operative societies. 2. The substantial question of law which is raised in the appeal is as under: "Whether on the facts and the circumst....

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....ank account, current account, overdraft account, cash credit account, issue letter of credit, discounting bills of exchange, issue cheques, demand drafts (DD), Pay orders, Gift cheques, lockers, bank guarantees etc. 3. Co-operative Banks can act as clearing agent for cheques, DDs, pay orders and other forms. 4. Banks are bound to follow the rules, regulations and directions issued by Reserve Bank ....

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....ank Part V Part V of the Banking Regulation Act is applicable to co- operative bank Part V of the Banking Regulation Act is not applicable to co-operative banks Use of words The word 'bank' 'banker', 'banking' can be used by a co- operative bank The word 'bank' 'banker', 'banking' cannot be used ay a co-operative society   4. This Court had an occasion to consider the ....

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....ve agricultural and rural development bank. They did not want to extend the said benefit to a co-operative bank which is exclusively carrying on banking business i.e., the purport of the amendment. If the assessee is not a Co-operative bank carrying on exclusively banking business and if it does not possess a license from the Reserve Bank of India to carry on business, then it is not a Co-operativ....