https://www.taxtmi.com/caselaws?id=363050 Primary agricultural credit societies registered and classified under the Kerala Co-operative Societies Act, 1969 were treated as entitled to deduction under section 80P(2)(a)(i), because the competent authority's classification could not be reopened by income-tax authorities in the face of the statutory framework. The reliance on Citizens Co-operative Society Ltd. was distinguished on facts: that decision involved lending and deposits connected to nominal members treated as non-members in its statutory context and was found to concern banking activity, whereas nominal members are included within the definition of member under the Kerala Act. The article therefore confirms that section 80P relief remains available to such societies despite section 80P(4), where the state-law classification and facts support their status. en-us Tue, 03 Jul 2018 00:00:00 +0530 Wed, 22 Sep 2021 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363050 Primary agricultural credit societies registered and classified under the Kerala Co-operative Societies Act, 1969 were treated as entitled to deduction under section 80P(2)(a)(i), because the competent authority's classification could not be reopened by income-tax authorities in the face of the statutory framework. The reliance on Citizens Co-operative Society Ltd. was distinguished on facts: that decision involved lending and deposits connected to nominal members treated as non-members in its statutory context and was found to concern banking activity, whereas nominal members are included within the definition of member under the Kerala Act. The article therefore confirms that section 80P relief remains available to such societies despite section 80P(4), where the state-law classification and facts support their status. Case-Laws Income Tax Tue, 03 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363050