https://www.taxtmi.com/caselaws?id=367726 A primary agricultural credit society classified under Kerala co-operative law remains eligible for deduction under section 80P(2)(a)(i) despite section 80P(4), because its State-law status could not be displaced and the cited Supreme Court ruling was factually distinguishable. Interest earned on sub-treasury deposits was also held to qualify for deduction, as the deposits formed part of the society's banking/business deployment and the income retained a business character. Rental income, however, was held outside section 80P because income from house property does not fall within the specified deduction clauses. The trade-income issue was remitted for fresh consideration. en-us Tue, 18 Sep 2018 00:00:00 +0530 Tue, 25 Sep 2018 08:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367726 A primary agricultural credit society classified under Kerala co-operative law remains eligible for deduction under section 80P(2)(a)(i) despite section 80P(4), because its State-law status could not be displaced and the cited Supreme Court ruling was factually distinguishable. Interest earned on sub-treasury deposits was also held to qualify for deduction, as the deposits formed part of the society's banking/business deployment and the income retained a business character. Rental income, however, was held outside section 80P because income from house property does not fall within the specified deduction clauses. The trade-income issue was remitted for fresh consideration. Case-Laws Income Tax Tue, 18 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367726