Deduction in respect of income of co-operative society from banking activities
80. (1) A person, being a primary co-operative society, shall be allowed a deduction to the extent of profits derived from the business of providing banking, or credit, facility to its members.
(2) For the purposes of this section 'primary co-operative society' means,-
(a) a 'primary agricultural credit society' within the meaning of Part V of the Banking Regulation Act, 1949; or
(b) a "primary co-operative agricultural and rural development bank", which-
(i) has its area of operation confined to a taluk; and
(ii) is mainly engaged in providing long-term credit for agricultural and rural development activities.
