https://www.taxtmi.com/caselaws?id=359067 A primary agricultural credit society classified as such by the competent co-operative authority was held entitled to deduction under section 80P(2)(a)(i), and the insertion of section 80P(4) did not alter that entitlement on these facts. The Tribunal also held that interest earned on fixed deposits made out of funds deployed in the society's regular credit and banking activities retained the character of business income and was likewise deductible under section 80P(2)(a)(i). Revenue authorities' reliance on distinguishable precedents was rejected, and the deduction claims were allowed on both issues. en-us Fri, 20 Apr 2018 00:00:00 +0530 Tue, 24 Apr 2018 06:59:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359067 A primary agricultural credit society classified as such by the competent co-operative authority was held entitled to deduction under section 80P(2)(a)(i), and the insertion of section 80P(4) did not alter that entitlement on these facts. The Tribunal also held that interest earned on fixed deposits made out of funds deployed in the society's regular credit and banking activities retained the character of business income and was likewise deductible under section 80P(2)(a)(i). Revenue authorities' reliance on distinguishable precedents was rejected, and the deduction claims were allowed on both issues. Case-Laws Income Tax Fri, 20 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359067