IF the Credit co operative society is not a)Primary agricultural credit society or b)a primary co-operative agricultural and rural development bank.
effectively from 01.04.2007 inserted by Finance act 2006, the deduction U/s 80P is not allowed to any co operative society, other than a & b above.Sec 80P(4)
FYI
http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=a2db6c77-dc1f-4544-8019-d19e27257bdf&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=80p&sch=&title=Taxmann - Direct Tax Laws
@Sanjay
http://www.taxmanagementindia.com/wnew/detail_rss_feed.asp?ID=942 the case was decided recently, but the asst year was 1989-90. So does not apply now, As there was an amendment in the IT Act in 2007
And the second case was relating to whether the interest income was deductable U/s 80P.
In my opinion, if the cooperative is not Primary agricultural credit society orprimary co-operative agricultural and rural development bank, you would not be eligible for dedcution under this section.
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