https://www.taxtmi.com/caselaws?id=367819 A primary agricultural credit society classified as such under the Kerala Co-operative Societies Act, 1969 is entitled to deduction under section 80P of the Income-tax Act, 1961, and the section 80P(4) exclusion for co-operative banks does not apply where that statutory classification stands. The controlling principle is that tax authorities cannot disregard the competent authority's classification or recharacterise the society as a co-operative bank in the absence of a contrary statutory basis. Applying binding jurisdictional precedent, the society remained within the class eligible for the deduction, and the Revenue's challenge failed. en-us Mon, 24 Sep 2018 00:00:00 +0530 Wed, 26 Sep 2018 08:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367819 A primary agricultural credit society classified as such under the Kerala Co-operative Societies Act, 1969 is entitled to deduction under section 80P of the Income-tax Act, 1961, and the section 80P(4) exclusion for co-operative banks does not apply where that statutory classification stands. The controlling principle is that tax authorities cannot disregard the competent authority's classification or recharacterise the society as a co-operative bank in the absence of a contrary statutory basis. Applying binding jurisdictional precedent, the society remained within the class eligible for the deduction, and the Revenue's challenge failed. Case-Laws Income Tax Mon, 24 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367819