https://www.taxtmi.com/caselaws?id=362003 Primary agricultural credit societies registered and classified under the Kerala Co-operative Societies Act remained eligible for deduction under section 80P(2)(a)(i) of the Income-tax Act, despite section 80P(4), where their statutory status placed them within the protected category. The Tribunal treated the jurisdictional High Court ruling in Chirakkal Service Co-operative Bank Ltd. as controlling and distinguished Citizens Co-operative Society Ltd. on facts, noting that the latter involved nominal members treated as non-members. It also held that the Assessing Officer could not disregard the competent authority's classification, and that the Banking Regulation Act did not apply in the manner urged by the Revenue. en-us Wed, 13 Jun 2018 00:00:00 +0530 Sat, 16 Jun 2018 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362003 Primary agricultural credit societies registered and classified under the Kerala Co-operative Societies Act remained eligible for deduction under section 80P(2)(a)(i) of the Income-tax Act, despite section 80P(4), where their statutory status placed them within the protected category. The Tribunal treated the jurisdictional High Court ruling in Chirakkal Service Co-operative Bank Ltd. as controlling and distinguished Citizens Co-operative Society Ltd. on facts, noting that the latter involved nominal members treated as non-members. It also held that the Assessing Officer could not disregard the competent authority's classification, and that the Banking Regulation Act did not apply in the manner urged by the Revenue. Case-Laws Income Tax Wed, 13 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362003