Where the assessee society is not a co-operative bank since it does not hold a license with RBI and is not lending to and accepting deposits from the public and is providing credit facilities to its members towards agricultural operations, the deduction is to be allowed under Section 80(P)(2)(a) (AY.2011-2012,2014-2015, 2017-2018)
Tamilnadu Co-operative State Agriculture and Rural Development Bank Limited v. ACIT (2022) 219 TTJ 303/ 217 DTR 145 (Chennai) (Trib)
S. 80P : Co-operative societies-Not a co-operative bank-Entitled to deduction. [S.80P(2)(a)]