Section 80P(4) not applies to assessee which is not a co-operative bank

Deduction  U/s. 80P cannot be denied to Society extending credit facilities to members only From the provisions of sub-section 4 of section 80P and the Explanation to section 80P, it is evident that the benefit of section 80P is not available to co-operative banks whereas the Primary Agricultural Credit Societies are entitled for the same. For the purpose of sub-section 4, ‘co-operative bank’ and ‘Primary Agricultural Credit Society’ shall have the meanings assigned to them under the Banking Regulation Act, 1949. Issue whether credit co-operative societies are same as co­operative b...