https://www.taxtmi.com/caselaws?id=363049 A primary agricultural credit society classified under the Kerala Co-operative Societies Act, 1969 was held entitled to deduction under Section 80P(2)(a)(i) because the statutory classification under State co-operative law could not be disregarded by income-tax authorities on a reappreciation of status. The Tribunal distinguished Citizen Co-operative Society Ltd. as a case involving activities with nominal members and the general public amounting to banking business, and followed Chirakkal Service Co-operative Bank Ltd. On that basis, the assessee remained outside the mischief of Section 80P(4) and the Revenue's challenge failed. en-us Tue, 03 Jul 2018 00:00:00 +0530 Sat, 07 Jul 2018 08:15:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363049 A primary agricultural credit society classified under the Kerala Co-operative Societies Act, 1969 was held entitled to deduction under Section 80P(2)(a)(i) because the statutory classification under State co-operative law could not be disregarded by income-tax authorities on a reappreciation of status. The Tribunal distinguished Citizen Co-operative Society Ltd. as a case involving activities with nominal members and the general public amounting to banking business, and followed Chirakkal Service Co-operative Bank Ltd. On that basis, the assessee remained outside the mischief of Section 80P(4) and the Revenue's challenge failed. Case-Laws Income Tax Tue, 03 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363049