https://www.taxtmi.com/caselaws?id=355169 A primary agricultural credit society registered under the Kerala Co-operative Societies Act was entitled to deduction under section 80P(2) because the tax authorities could not disregard its statutory classification. The Tribunal followed its earlier decision and the jurisdictional High Court ruling in Chirakkal Service Co-operative Bank Ltd., and held that Citizens Co-operative Society did not apply since that case involved a credit co-operative society whose activities and nominal-member structure took it outside the exemption. It also noted that the Banking Regulation Act framework did not justify treating the assessee as a co-operative bank for denial of the deduction. en-us Thu, 01 Feb 2018 00:00:00 +0530 Fri, 09 Feb 2018 14:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355169 A primary agricultural credit society registered under the Kerala Co-operative Societies Act was entitled to deduction under section 80P(2) because the tax authorities could not disregard its statutory classification. The Tribunal followed its earlier decision and the jurisdictional High Court ruling in Chirakkal Service Co-operative Bank Ltd., and held that Citizens Co-operative Society did not apply since that case involved a credit co-operative society whose activities and nominal-member structure took it outside the exemption. It also noted that the Banking Regulation Act framework did not justify treating the assessee as a co-operative bank for denial of the deduction. Case-Laws Income Tax Thu, 01 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355169