https://www.taxtmi.com/caselaws?id=369479 A primary agricultural credit society registered under the Kerala Co-operative Societies Act remained entitled to income-tax deduction on its eligible cooperative income, because the Tribunal followed binding jurisdictional High Court precedent that classification by the competent State authority could not be re-examined by income-tax authorities. The restriction in section 80P(4) did not displace the society's status as recognised under the State law and the Banking Regulation Act framework. The Revenue's challenge therefore failed, and deduction under section 80P was allowed. en-us Fri, 26 Oct 2018 00:00:00 +0530 Mon, 29 Oct 2018 07:47:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369479 A primary agricultural credit society registered under the Kerala Co-operative Societies Act remained entitled to income-tax deduction on its eligible cooperative income, because the Tribunal followed binding jurisdictional High Court precedent that classification by the competent State authority could not be re-examined by income-tax authorities. The restriction in section 80P(4) did not displace the society's status as recognised under the State law and the Banking Regulation Act framework. The Revenue's challenge therefore failed, and deduction under section 80P was allowed. Case-Laws Income Tax Fri, 26 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369479