https://www.taxtmi.com/caselaws?id=341327 A co-operative society classified by the competent authority as a primary agricultural credit society under the Kerala Co-operative Societies Act was held entitled to deduction under section 80P(2). The Tribunal followed the jurisdictional High Court in Chirakkal Service Co-operative Bank Ltd., which held that once such classification exists, income-tax authorities cannot re-examine the society's underlying status or deny the deduction on the ground that it carries on banking activity. Applying that binding precedent, the assessee's claim succeeded and the Revenue's objection under section 80P(4) failed. en-us Tue, 04 Apr 2017 00:00:00 +0530 Thu, 06 Apr 2017 07:32:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341327 A co-operative society classified by the competent authority as a primary agricultural credit society under the Kerala Co-operative Societies Act was held entitled to deduction under section 80P(2). The Tribunal followed the jurisdictional High Court in Chirakkal Service Co-operative Bank Ltd., which held that once such classification exists, income-tax authorities cannot re-examine the society's underlying status or deny the deduction on the ground that it carries on banking activity. Applying that binding precedent, the assessee's claim succeeded and the Revenue's objection under section 80P(4) failed. Case-Laws Income Tax Tue, 04 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341327