https://www.taxtmi.com/caselaws?id=390745 The case involved Co-operative Societies seeking deduction under Section 80P(2) of the Income Tax Act. Initially denied, the deduction was allowed based on classification as Primary Agricultural Credit Societies. A subsequent challenge by the revenue was dismissed, emphasizing the need for an inquiry into society activities. The Court clarified that departmental circulars do not bind statutory interpretation, upholding the Tribunal's decision. Legal precedents were cited to emphasize the non-binding nature of departmental circulars on the Court and Tribunal decisions, leading to the dismissal of the appeals. en-us Wed, 08 Jan 2020 00:00:00 +0530 Fri, 24 Jan 2020 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390745 The case involved Co-operative Societies seeking deduction under Section 80P(2) of the Income Tax Act. Initially denied, the deduction was allowed based on classification as Primary Agricultural Credit Societies. A subsequent challenge by the revenue was dismissed, emphasizing the need for an inquiry into society activities. The Court clarified that departmental circulars do not bind statutory interpretation, upholding the Tribunal's decision. Legal precedents were cited to emphasize the non-binding nature of departmental circulars on the Court and Tribunal decisions, leading to the dismissal of the appeals. Case-Laws Income Tax Wed, 08 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390745