https://www.taxtmi.com/caselaws?id=363050 Primary agricultural credit societies registered and classified under the Kerala Co-operative Societies Act, 1969 qualify for deduction on income from providing credit facilities to members under section 80P(2)(a)(i), notwithstanding section 80P(4). Nominal members fall within the statutory definition of members under that State law. Income-tax authorities cannot reassess the societies' statutory classification where the competent co-operative authority has certified their status. The Supreme Court ruling concerning banking activities involving nominal members treated as non-members applies only where its distinct factual and statutory basis exists; it does not displace deduction for properly classified primary agricultural credit societies. 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 qualify for deduction on income from providing credit facilities to members under section 80P(2)(a)(i), notwithstanding section 80P(4). Nominal members fall within the statutory definition of members under that State law. Income-tax authorities cannot reassess the societies' statutory classification where the competent co-operative authority has certified their status. The Supreme Court ruling concerning banking activities involving nominal members treated as non-members applies only where its distinct factual and statutory basis exists; it does not displace deduction for properly classified primary agricultural credit societies. Case-Laws Income Tax Tue, 03 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363050