https://www.taxtmi.com/caselaws?id=355445 A primary agricultural credit society registered under the Kerala Co-operative Societies Act, 1969 was held entitled to deduction under section 80P(2) of the Income-tax Act, 1961 because its statutory classification as a primary agricultural credit society was treated as binding for tax purposes. The Revenue could not deny the deduction by re-characterising it as a co-operative bank or by disputing its agricultural credit character, and the authority relied on by the Revenue was distinguished on facts. The Tribunal also held that section 80P(4) did not withdraw the benefit on these facts, and the assessee's claim succeeded. en-us Thu, 08 Feb 2018 00:00:00 +0530 Thu, 29 Mar 2018 14:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355445 A primary agricultural credit society registered under the Kerala Co-operative Societies Act, 1969 was held entitled to deduction under section 80P(2) of the Income-tax Act, 1961 because its statutory classification as a primary agricultural credit society was treated as binding for tax purposes. The Revenue could not deny the deduction by re-characterising it as a co-operative bank or by disputing its agricultural credit character, and the authority relied on by the Revenue was distinguished on facts. The Tribunal also held that section 80P(4) did not withdraw the benefit on these facts, and the assessee's claim succeeded. Case-Laws Income Tax Thu, 08 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355445