https://www.taxtmi.com/caselaws?id=371294 The High Court upheld that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction u/s. 80P(2) of the I.T. Act. The ITAT affirmed that the assessees are entitled to the benefit of deduction u/s. 80P. Regarding the disallowance of interest expenditure u/s 40(a)(ia), the Tribunal ruled that the assessees are exempt from deducting tax at source u/s 194A. As a result, the appeals by the Revenue and Cross Objections by the assessee were dismissed, confirming the assessees' entitlement to the deduction u/s. 80P and exemption from disallowance of interest expenditure under section 40(a)(ia) of the I.T. Act. en-us Thu, 29 Nov 2018 00:00:00 +0530 Sat, 01 Dec 2018 12:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371294 The High Court upheld that primary agricultural credit societies registered under the Kerala Cooperative Societies Act are entitled to deduction u/s. 80P(2) of the I.T. Act. The ITAT affirmed that the assessees are entitled to the benefit of deduction u/s. 80P. Regarding the disallowance of interest expenditure u/s 40(a)(ia), the Tribunal ruled that the assessees are exempt from deducting tax at source u/s 194A. As a result, the appeals by the Revenue and Cross Objections by the assessee were dismissed, confirming the assessees' entitlement to the deduction u/s. 80P and exemption from disallowance of interest expenditure under section 40(a)(ia) of the I.T. Act. Case-Laws Income Tax Thu, 29 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371294