https://www.taxtmi.com/caselaws?id=358228 Primary agricultural credit societies duly registered and classified under the Kerala Co-operative Societies Act, 1969 were treated as eligible for deduction under section 80P(2) of the Income-tax Act. The jurisdictional High Court ruling in Chirakkal was followed, so the tax authorities could not re-examine the State-law classification once granted by the competent authority. Citizens Co-operative Society was held distinguishable because it arose in a different statutory setting and turned on the treatment of nominal members under that regime. The Tribunal also noted that such societies fall outside the banking licence regime under the Banking Regulation Act, 1949, supporting continued section 80P relief. en-us Thu, 05 Apr 2018 00:00:00 +0530 Sat, 07 Apr 2018 07:57:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358228 Primary agricultural credit societies duly registered and classified under the Kerala Co-operative Societies Act, 1969 were treated as eligible for deduction under section 80P(2) of the Income-tax Act. The jurisdictional High Court ruling in Chirakkal was followed, so the tax authorities could not re-examine the State-law classification once granted by the competent authority. Citizens Co-operative Society was held distinguishable because it arose in a different statutory setting and turned on the treatment of nominal members under that regime. The Tribunal also noted that such societies fall outside the banking licence regime under the Banking Regulation Act, 1949, supporting continued section 80P relief. Case-Laws Income Tax Thu, 05 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358228