https://www.taxtmi.com/caselaws?id=280761 Primary agricultural credit societies registered under the Kerala Co-operative Societies Act, 1969 were treated as entitled to deduction under section 80P(2) because competent authority classification and the bye-laws showed that their principal object was to provide agricultural credit to members. Following the jurisdictional High Court precedent, the income-tax authorities could not independently re-examine that State-law status to deny the deduction merely by invoking section 80P(4). The disallowance was therefore unsustainable, and the deduction under section 80P(2) was allowed. en-us Tue, 19 Jul 2016 00:00:00 +0530 Tue, 21 May 2019 06:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280761 Primary agricultural credit societies registered under the Kerala Co-operative Societies Act, 1969 were treated as entitled to deduction under section 80P(2) because competent authority classification and the bye-laws showed that their principal object was to provide agricultural credit to members. Following the jurisdictional High Court precedent, the income-tax authorities could not independently re-examine that State-law status to deny the deduction merely by invoking section 80P(4). The disallowance was therefore unsustainable, and the deduction under section 80P(2) was allowed. Case-Laws Income Tax Tue, 19 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280761