https://www.taxtmi.com/caselaws?id=355081 A primary agricultural credit society registered and classified under the Kerala Co-operative Societies Act, 1969 was treated as entitled to deduction under section 80P(2) of the Income-tax Act, because the jurisdictional High Court had already held that tax authorities cannot disregard the State-law classification of such a society. The Tribunal distinguished Citizens Co-operative Society on facts, noting that that decision concerned a society dealing substantially with nominal members and public deposits in a manner inconsistent with its governing statute, whereas the Kerala Act includes nominal members within the definition of member. The Banking Regulation Act did not alter the assessee's status for section 80P purposes, so the Revenue's challenge failed. en-us Thu, 01 Feb 2018 00:00:00 +0530 Fri, 09 Feb 2018 07:47:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355081 A primary agricultural credit society registered and classified under the Kerala Co-operative Societies Act, 1969 was treated as entitled to deduction under section 80P(2) of the Income-tax Act, because the jurisdictional High Court had already held that tax authorities cannot disregard the State-law classification of such a society. The Tribunal distinguished Citizens Co-operative Society on facts, noting that that decision concerned a society dealing substantially with nominal members and public deposits in a manner inconsistent with its governing statute, whereas the Kerala Act includes nominal members within the definition of member. The Banking Regulation Act did not alter the assessee's status for section 80P purposes, so the Revenue's challenge failed. Case-Laws Income Tax Thu, 01 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355081