https://www.taxtmi.com/caselaws?id=363520 A primary agricultural credit society registered under the Kerala Co-operative Societies Act, 1969 remained eligible for deduction under section 80P(2)(a)(i) because it was classified as a primary agricultural credit society and the jurisdictional High Court had already recognised such societies' entitlement. The Tribunal distinguished Citizen Co-operative Society on the basis that that case concerned a different factual setting involving banking-like activity and members treated in substance as non-members. It held that, under the Kerala co-operative law, nominal members are recognised as members and the statutory framework did not justify treating the assessee as a co-operative bank for denying the deduction. en-us Mon, 09 Jul 2018 00:00:00 +0530 Wed, 22 Sep 2021 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363520 A primary agricultural credit society registered under the Kerala Co-operative Societies Act, 1969 remained eligible for deduction under section 80P(2)(a)(i) because it was classified as a primary agricultural credit society and the jurisdictional High Court had already recognised such societies' entitlement. The Tribunal distinguished Citizen Co-operative Society on the basis that that case concerned a different factual setting involving banking-like activity and members treated in substance as non-members. It held that, under the Kerala co-operative law, nominal members are recognised as members and the statutory framework did not justify treating the assessee as a co-operative bank for denying the deduction. Case-Laws Income Tax Mon, 09 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363520