https://www.taxtmi.com/caselaws?id=371432 A Primary Agricultural Credit Society registered under the Kerala Co-operative Societies Act, 1969 was treated as entitled to deduction under section 80P(2) because the competent co-operative authority had classified it as such, and that classification was treated as binding for income-tax purposes. The note distinguishes Citizen Co-operative Society Ltd. on the basis that Kerala law includes nominal or associate members within the definition of member, so deposits from them cannot be treated as deposits from the public in the same manner. It also states that banking regulation provisions did not permit the Assessing Officer to reclassify the society contrary to the competent authority's determination. en-us Fri, 30 Nov 2018 00:00:00 +0530 Tue, 04 Dec 2018 09:00:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371432 A Primary Agricultural Credit Society registered under the Kerala Co-operative Societies Act, 1969 was treated as entitled to deduction under section 80P(2) because the competent co-operative authority had classified it as such, and that classification was treated as binding for income-tax purposes. The note distinguishes Citizen Co-operative Society Ltd. on the basis that Kerala law includes nominal or associate members within the definition of member, so deposits from them cannot be treated as deposits from the public in the same manner. It also states that banking regulation provisions did not permit the Assessing Officer to reclassify the society contrary to the competent authority's determination. Case-Laws Income Tax Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371432