Deduction U/s. 80P(2)- Primary agricultural credit society?

Advertisement ITO Vs Nannambra Service Cooperative Bank Ltd. (ITAT Cochin) Reserve Bank of India had given letters to societies similar to assessee stating that they were Primary Agricultural Credit Societies and, therefore, in terms of section 3 of the Banking Regulation Act societies were not entitled for banking license. Hence, assessee could not be considered as bank and was not entitled for deduction under section 80P(2). FULL TEXT OF THE ITAT JUDGMENT These appeals at the instance of the Department and the Cross Objections filed by the assessee are directed against the consolidated or...