https://www.taxtmi.com/caselaws?id=290697 The ITAT dismissed the Revenue's appeal and the assessee's Cross Objections, affirming the CIT(A)'s decision to grant the deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961. The decision was based on the assessee's classification as a Primary Agricultural Credit Society under the Kerala Co-operative Societies Act, 1969, which determined its principal object of providing agricultural credit. The ITAT found the Revenue's invocation of section 80P(4) inappropriate and distinguished a previous judgment cited by the Revenue, emphasizing the timing and context. The CIT(A)'s order was upheld, confirming the assessee's eligibility for the deduction. en-us Wed, 22 Mar 2017 00:00:00 +0530 Thu, 14 Nov 2024 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290697 The ITAT dismissed the Revenue's appeal and the assessee's Cross Objections, affirming the CIT(A)'s decision to grant the deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961. The decision was based on the assessee's classification as a Primary Agricultural Credit Society under the Kerala Co-operative Societies Act, 1969, which determined its principal object of providing agricultural credit. The ITAT found the Revenue's invocation of section 80P(4) inappropriate and distinguished a previous judgment cited by the Revenue, emphasizing the timing and context. The CIT(A)'s order was upheld, confirming the assessee's eligibility for the deduction. Case-Laws Income Tax Wed, 22 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290697