https://www.taxtmi.com/caselaws?id=330094 A society registered and classified as a primary agricultural credit society under the Kerala Co-operative Societies Act, 1969 remains entitled to deduction under section 80P(2) of the Income-tax Act where that statutory classification is supported by its registration certificate and bye-laws. The jurisdictional High Court's binding view was that income-tax authorities cannot look beyond the State-law classification to deny the benefit. On that basis, the revisionary exercise under section 263 could not be sustained as erroneous and prejudicial to the interests of the Revenue, and the deduction under section 80P(2) was maintained. en-us Wed, 08 Jun 2016 00:00:00 +0530 Mon, 18 Jul 2016 11:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330094 A society registered and classified as a primary agricultural credit society under the Kerala Co-operative Societies Act, 1969 remains entitled to deduction under section 80P(2) of the Income-tax Act where that statutory classification is supported by its registration certificate and bye-laws. The jurisdictional High Court's binding view was that income-tax authorities cannot look beyond the State-law classification to deny the benefit. On that basis, the revisionary exercise under section 263 could not be sustained as erroneous and prejudicial to the interests of the Revenue, and the deduction under section 80P(2) was maintained. Case-Laws Income Tax Wed, 08 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330094