https://www.taxtmi.com/caselaws?id=363059 A primary agricultural credit society registered under the Kerala Co-operative Societies Act was held entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act notwithstanding section 80P(4). The Tribunal followed its earlier view and the jurisdictional High Court's ruling that a society so classified under the State law remains eligible for section 80P benefits. It distinguished Citizens Co-operative Society because that case involved a credit co-operative society acting through nominal members in a manner inconsistent with the governing law, whereas the Kerala Act includes nominal members within the statutory definition of member. The Tribunal also noted no disqualifying activity was shown and the tax authorities could not reclassify the society contrary to its statutory status. en-us Wed, 04 Jul 2018 00:00:00 +0530 Sat, 07 Jul 2018 08:16:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363059 A primary agricultural credit society registered under the Kerala Co-operative Societies Act was held entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act notwithstanding section 80P(4). The Tribunal followed its earlier view and the jurisdictional High Court's ruling that a society so classified under the State law remains eligible for section 80P benefits. It distinguished Citizens Co-operative Society because that case involved a credit co-operative society acting through nominal members in a manner inconsistent with the governing law, whereas the Kerala Act includes nominal members within the statutory definition of member. The Tribunal also noted no disqualifying activity was shown and the tax authorities could not reclassify the society contrary to its statutory status. Case-Laws Income Tax Wed, 04 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363059