https://www.taxtmi.com/caselaws?id=182030 A co-operative society whose principal business was advancing credit for agricultural purposes and activities connected with agriculture was treated as eligible for deduction under section 80P(2)(a)(i). The lending pattern included finance for irrigation equipment, agricultural implements, and livestock-related activities such as rearing cows, buffaloes, goats and sheep, which were regarded as part of agricultural and rural development activities. Section 80P(4) was held to exclude only co-operative banks, not a society satisfying the description of a primary agricultural credit society or a primary co-operative agricultural and rural development bank. The disallowance was therefore held incorrect, and the deduction claim was allowed. en-us Thu, 24 Sep 2015 00:00:00 +0530 Sat, 30 Apr 2016 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182030 A co-operative society whose principal business was advancing credit for agricultural purposes and activities connected with agriculture was treated as eligible for deduction under section 80P(2)(a)(i). The lending pattern included finance for irrigation equipment, agricultural implements, and livestock-related activities such as rearing cows, buffaloes, goats and sheep, which were regarded as part of agricultural and rural development activities. Section 80P(4) was held to exclude only co-operative banks, not a society satisfying the description of a primary agricultural credit society or a primary co-operative agricultural and rural development bank. The disallowance was therefore held incorrect, and the deduction claim was allowed. Case-Laws Income Tax Thu, 24 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182030