No denial of Sec. 80P deduction to ‘primary agricultural credit societies’ even if it gives loan to non-members: SC

INCOME TAX : Limited object of section 80P(4) is to exclude co-operative banks that function at par with other commercial banks i.e. which lend money to members of the public; once section 80P(4) is out of harm's way, the Primary agricultural credit societies are entitled to the benefit of the deduction contained in section 80P(2)(a)(i), notwithstanding that they may also be giving loans to their members which are not related to agriculture

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