https://www.taxtmi.com/caselaws?id=356670 A primary agricultural credit society duly 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. The Tribunal applied the jurisdictional High Court ruling in Chirakkal Service Co-operative Bank Ltd. and held that tax cannot ignore the State-law classification or re-examine the society's status to deny the deduction. The Supreme Court decision in Citizens Co-operative Society Ltd. was distinguished on its different statutory setting and facts, including dealings with nominal members and public deposits. en-us Wed, 07 Mar 2018 00:00:00 +0530 Fri, 09 Mar 2018 06:57:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356670 A primary agricultural credit society duly 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. The Tribunal applied the jurisdictional High Court ruling in Chirakkal Service Co-operative Bank Ltd. and held that tax cannot ignore the State-law classification or re-examine the society's status to deny the deduction. The Supreme Court decision in Citizens Co-operative Society Ltd. was distinguished on its different statutory setting and facts, including dealings with nominal members and public deposits. Case-Laws Income Tax Wed, 07 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356670