Section 5(cciv) Banking Regulation Act, 1949 — the law in short
What the courts have decided on section 5(cciv) Banking Regulation Act, 1949, in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.
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Statutory position — s.80P(4): which bodies are shut out, and what the Banking Regulation Act 1949 actually defines
CBDT Circulars & InstructionsCuts both ways
The Assessing Officer says my society is a co-operative bank and so s.80P(4) denies the whole deduction. What does he have to establish before he can say that?
Section 80P(4) provides that the provisions of s.80P shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank, and its Explanation borrows the meanings of 'co-operative bank' and 'primary agricultural credit society' from Part V of the Banking Regulation Act, 1949. Under Part V a co-operative bank is only one of three things — a State co-operative bank, a central co-operative bank or a primary co-operative bank — so unless the society answers one of those three descriptions it is not hit by sub-section (4), whatever its name or its bye-laws call it.
Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.
