Deduction u/s 80P(2) on interest received on deposits with Sub-Treasuries.

The Padne Service Cooperative Bank Limited Vs. The Income Tax Officer Ward- 2 (ITAT Cochin) A primary agricultural credit society or a primary cooperative agricultural and rural development bank who do not have license from Reserve Bank of India to carry on the business of banking, is not a cooperative bank, hit by the provisions of section 80P(4) of the Act. In the instant case, the assessee do not posses any banking license from the Reserve Bank of India and is not exclusively carrying on any banking facility; but it is carrying on business of lending money to its members and therefore is c...