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of <h1>Supreme Court Rules KSCARDB Not a Cooperative Bank, Ineligible for Tax Deductions u/s 80P of Income Tax Act.</h1> The case between the Kerala State Co-operative Agricultural and Rural Development Bank Ltd. (KSCARDB) and the Assessing Officer examines whether KSCARDB qualifies for tax deductions under Section 80P of the Income Tax Act. KSCARDB argued it is a cooperative society, not a cooperative bank, and thus eligible for deductions. The Supreme Court analyzed definitions under the Income Tax Act, Banking Regulation Act, and other relevant statutes to determine if KSCARDB's activities constituted banking. The Court concluded that KSCARDB did not meet the criteria for a cooperative bank, affecting its eligibility for deductions, with implications for similar entities.
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