Society extending credit facilities to members only can’t be deemed as a co-op. bank to deny it sec.

IT : Where activities of assessee-co-operative society in nature of accepting deposits, advancing loans etc. were confined to its members only and, moreover, said activities were not regulated by RBI or provisions of Banking Regulation Act, assessee could not be regarded as co-operative bank' within meaning of section 80P(4) and, therefore, its claim for deduction under section 80P(2) was to be allowed