https://www.taxtmi.com/caselaws?id=280768 A primary agricultural credit society certified under the Kerala Co-operative Societies Act was held entitled to deduction under section 80P(2)(a)(i), because the income-tax authorities could not re-open the statutory classification once granted by the competent State authority. The enhanced income arising from an ad hoc disallowance of interest expenditure was also eligible for the same deduction, as the amount was assessed as business income and retained the character of profit qualifying under section 80P. The CBDT circular on deduction from enhanced profits supported this treatment, and the assessee's entitlement to the statutory deduction was upheld on both issues. en-us Thu, 17 Nov 2016 00:00:00 +0530 Tue, 21 May 2019 06:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280768 A primary agricultural credit society certified under the Kerala Co-operative Societies Act was held entitled to deduction under section 80P(2)(a)(i), because the income-tax authorities could not re-open the statutory classification once granted by the competent State authority. The enhanced income arising from an ad hoc disallowance of interest expenditure was also eligible for the same deduction, as the amount was assessed as business income and retained the character of profit qualifying under section 80P. The CBDT circular on deduction from enhanced profits supported this treatment, and the assessee's entitlement to the statutory deduction was upheld on both issues. Case-Laws Income Tax Thu, 17 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280768