https://www.taxtmi.com/caselaws?id=277368 Primary agricultural credit societies classified by the competent authority under the Kerala Co-operative Societies Act, 1969 are entitled to deduction under Section 80P(2) of the Income-tax Act, 1961, and income-tax authorities cannot reopen that classification for tax purposes. The note distinguishes Citizens Co-operative Society Ltd. on the basis that it concerned lending and deposits with nominal members in a manner inconsistent with the applicable cooperative law, whereas nominal members are recognised under the Kerala Act. It also states that the Banking Regulation Act does not displace the statutory status of such societies for Section 80P relief. en-us Thu, 08 Mar 2018 00:00:00 +0530 Mon, 03 Dec 2018 09:03:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277368 Primary agricultural credit societies classified by the competent authority under the Kerala Co-operative Societies Act, 1969 are entitled to deduction under Section 80P(2) of the Income-tax Act, 1961, and income-tax authorities cannot reopen that classification for tax purposes. The note distinguishes Citizens Co-operative Society Ltd. on the basis that it concerned lending and deposits with nominal members in a manner inconsistent with the applicable cooperative law, whereas nominal members are recognised under the Kerala Act. It also states that the Banking Regulation Act does not displace the statutory status of such societies for Section 80P relief. Case-Laws Income Tax Thu, 08 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277368