https://www.taxtmi.com/caselaws?id=326712 Primary agricultural credit societies classified under the Kerala Co-operative Societies Act are outside the exclusion in section 80P(4) because they are distinct from co-operative banks under the Banking Regulation Act, and the Income-tax authorities cannot recharacterise them when the statutory ingredients are met; exemption under section 80P was therefore available. A belated return, or a return filed in response to notice under sections 142(1) or 148, is not non est for this purpose, so the exemption claim cannot be rejected solely on that ground while proceedings remain pending. The matters were remanded for reconsideration of the remaining issues, including bad and doubtful debts. en-us Mon, 15 Feb 2016 00:00:00 +0530 Thu, 24 Jul 2025 15:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326712 Primary agricultural credit societies classified under the Kerala Co-operative Societies Act are outside the exclusion in section 80P(4) because they are distinct from co-operative banks under the Banking Regulation Act, and the Income-tax authorities cannot recharacterise them when the statutory ingredients are met; exemption under section 80P was therefore available. A belated return, or a return filed in response to notice under sections 142(1) or 148, is not non est for this purpose, so the exemption claim cannot be rejected solely on that ground while proceedings remain pending. The matters were remanded for reconsideration of the remaining issues, including bad and doubtful debts. Case-Laws Income Tax Mon, 15 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326712