https://www.taxtmi.com/caselaws?id=366253 Primary agricultural credit societies registered and classified under the Kerala Co-operative Societies Act, 1969 are entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act, because the statutory classification cannot be disregarded by income-tax authorities once such registration exists. The Tribunal treated the Supreme Court ruling in Citizens Co-operative Society Ltd. as fact-specific, noting that it concerned deposits and advances involving nominal members who were not members in the real sense under the governing law. By contrast, under the Kerala Act nominal members fall within the definition of member, and section 80P(4) did not bar the deduction on these facts. en-us Wed, 29 Aug 2018 00:00:00 +0530 Fri, 31 Aug 2018 08:51:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366253 Primary agricultural credit societies registered and classified under the Kerala Co-operative Societies Act, 1969 are entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act, because the statutory classification cannot be disregarded by income-tax authorities once such registration exists. The Tribunal treated the Supreme Court ruling in Citizens Co-operative Society Ltd. as fact-specific, noting that it concerned deposits and advances involving nominal members who were not members in the real sense under the governing law. By contrast, under the Kerala Act nominal members fall within the definition of member, and section 80P(4) did not bar the deduction on these facts. Case-Laws Income Tax Wed, 29 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366253