Co-Op Credit Societies are not Bank & eligible for Section 80P deduction

ITO Vs KEM Hospital & Sheth GSM College Employees Co-operative Credit Society Limited (ITAT Mumbai) Assessee which is a co-operative credit society is not a primary co-operative bank, hence, it would not be hit by the provisions of Sec. 80P(4) as had been made available on the statute vide the Finance Act, 2006 w.e.f 01.04.2007. Our said view is fortified by the fact that it is absolutely mandatory for a co-operative society to seek a licence from the Reserve Bank of India to form and operate as a co-operative bank. Further, a perusal of Circular No. 312 of the Reserve Bank of India reveal...