https://www.taxtmi.com/caselaws?id=361926 Primary agricultural credit societies registered under the Kerala Co-operative Societies Act, 1969 were held entitled to deduction under section 80P(2)(a)(i), because their statutory classification as such could not be ignored by the income-tax authorities. The Tribunal followed the jurisdictional High Court ruling in Chirakkal and distinguished Citizen Co-operative Society on the basis that, under the Kerala Act, nominal or associate members are included within the definition of member. It also noted that primary agricultural credit societies are excluded from the Banking Regulation Act, so the Revenue could not treat them as co-operative banks on the facts found. The Revenue's appeals therefore failed. en-us Thu, 14 Jun 2018 00:00:00 +0530 Fri, 15 Jun 2018 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361926 Primary agricultural credit societies registered under the Kerala Co-operative Societies Act, 1969 were held entitled to deduction under section 80P(2)(a)(i), because their statutory classification as such could not be ignored by the income-tax authorities. The Tribunal followed the jurisdictional High Court ruling in Chirakkal and distinguished Citizen Co-operative Society on the basis that, under the Kerala Act, nominal or associate members are included within the definition of member. It also noted that primary agricultural credit societies are excluded from the Banking Regulation Act, so the Revenue could not treat them as co-operative banks on the facts found. The Revenue's appeals therefore failed. Case-Laws Income Tax Thu, 14 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361926