https://www.taxtmi.com/caselaws?id=362214 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 the jurisdictional High Court in Chirakkal applied to their status as such societies. The Tribunal distinguished Citizen Co-operative Society Ltd. on facts, noting that it involved deposits from nominal members treated as non-members and activities found contrary to co-operative law, whereas nominal members are members in law under the Kerala Act. It also held that the Banking Regulation Act, 1949 did not displace the availability of section 80P relief on these facts, so the Revenue's challenge failed. en-us Mon, 18 Jun 2018 00:00:00 +0530 Thu, 21 Jun 2018 06:24:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362214 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 the jurisdictional High Court in Chirakkal applied to their status as such societies. The Tribunal distinguished Citizen Co-operative Society Ltd. on facts, noting that it involved deposits from nominal members treated as non-members and activities found contrary to co-operative law, whereas nominal members are members in law under the Kerala Act. It also held that the Banking Regulation Act, 1949 did not displace the availability of section 80P relief on these facts, so the Revenue's challenge failed. Case-Laws Income Tax Mon, 18 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362214