https://www.taxtmi.com/caselaws?id=359095 A primary agricultural credit society classified under the Kerala Co-operative Societies Act was held entitled to deduction under section 80P(2)(a)(i), with section 80P(4) not applying on the facts and the Revenue's contrary reliance distinguished. An ad hoc 5% disallowance of interest expenditure was deleted because the expenditure was supported and the Revenue did not establish that the claim was bogus. Interest on fixed deposits required fresh examination, including whether the deposits were with co-operative societies or co-operative banks and whether the income arose in the course of banking activity, so that issue was remanded. en-us Fri, 20 Apr 2018 00:00:00 +0530 Tue, 24 Apr 2018 09:10:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359095 A primary agricultural credit society classified under the Kerala Co-operative Societies Act was held entitled to deduction under section 80P(2)(a)(i), with section 80P(4) not applying on the facts and the Revenue's contrary reliance distinguished. An ad hoc 5% disallowance of interest expenditure was deleted because the expenditure was supported and the Revenue did not establish that the claim was bogus. Interest on fixed deposits required fresh examination, including whether the deposits were with co-operative societies or co-operative banks and whether the income arose in the course of banking activity, so that issue was remanded. Case-Laws Income Tax Fri, 20 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359095