https://www.taxtmi.com/caselaws?id=367500 Primary agricultural credit societies duly registered and classified under the Kerala Co-operative Societies Act, 1969 were treated as eligible for deduction under section 80P(2)(a)(i), because the binding jurisdictional High Court ruling in Chirakkal Service Co-operative Bank Ltd. governed their status under the State law. Section 80P(4) was held not to bar the claim on these facts, and Citizens Co-operative Society Ltd. was distinguished because it involved a different statutory setting and a multi-state credit co-operative society. The Tribunal also noted that the Banking Regulation Act did not apply to such societies and that the Revenue could not recharacterise them as co-operative banks contrary to the statutory classification. en-us Mon, 03 Sep 2018 00:00:00 +0530 Fri, 21 Sep 2018 08:26:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367500 Primary agricultural credit societies duly registered and classified under the Kerala Co-operative Societies Act, 1969 were treated as eligible for deduction under section 80P(2)(a)(i), because the binding jurisdictional High Court ruling in Chirakkal Service Co-operative Bank Ltd. governed their status under the State law. Section 80P(4) was held not to bar the claim on these facts, and Citizens Co-operative Society Ltd. was distinguished because it involved a different statutory setting and a multi-state credit co-operative society. The Tribunal also noted that the Banking Regulation Act did not apply to such societies and that the Revenue could not recharacterise them as co-operative banks contrary to the statutory classification. Case-Laws Income Tax Mon, 03 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367500