https://www.taxtmi.com/caselaws?id=371432 Primary Agricultural Credit Societies classified by the competent co-operative authority under the Kerala Co-operative Societies Act, 1969 are entitled to deduction under section 80P(2), with that classification treated as binding for income-tax purposes. Nominal and associate members fall within the statutory definition of members, so their deposits are not deposits from the general public. Citizen Co-operative Society Ltd. does not deny the deduction where the society operates under a different statutory framework and does not treat nominal members as non-members. Banking regulation provisions do not permit the Assessing Officer to reclassify a 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 Primary Agricultural Credit Societies classified by the competent co-operative authority under the Kerala Co-operative Societies Act, 1969 are entitled to deduction under section 80P(2), with that classification treated as binding for income-tax purposes. Nominal and associate members fall within the statutory definition of members, so their deposits are not deposits from the general public. Citizen Co-operative Society Ltd. does not deny the deduction where the society operates under a different statutory framework and does not treat nominal members as non-members. Banking regulation provisions do not permit the Assessing Officer to reclassify a 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