https://www.taxtmi.com/caselaws?id=361712 A primary agricultural credit society registered and classified under the Kerala Co-operative Societies Act was treated as eligible for deduction under section 80P(2)(a)(i), because income-tax authorities could not re-examine its statutory status in a manner inconsistent with the State-law classification. The Tribunal distinguished Citizen Co-operative Society Ltd. on the facts, noting that that case involved nominal members and banking-like activities, whereas the present society's membership structure and statutory recognition supported eligibility. The exclusion of primary agricultural credit societies from the Banking Regulation Act framework also supported the deduction. en-us Thu, 07 Jun 2018 00:00:00 +0530 Tue, 12 Jun 2018 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361712 A primary agricultural credit society registered and classified under the Kerala Co-operative Societies Act was treated as eligible for deduction under section 80P(2)(a)(i), because income-tax authorities could not re-examine its statutory status in a manner inconsistent with the State-law classification. The Tribunal distinguished Citizen Co-operative Society Ltd. on the facts, noting that that case involved nominal members and banking-like activities, whereas the present society's membership structure and statutory recognition supported eligibility. The exclusion of primary agricultural credit societies from the Banking Regulation Act framework also supported the deduction. Case-Laws Income Tax Thu, 07 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361712