Sec. 80P relief denied to a primary co-operative society

IT: Where on going through bye laws of assessee society it was evident that its principle business was banking, its paid up share capital and reserve were 1 lakh or more and by laws of co-operative society did not permit admission of any other co-operative society as a member, it was a primary co-operative bank and therefore hit by provisions of section 80P(4), hence not entitled to exemption under section 80P(2)(a)(i)