https://www.taxtmi.com/caselaws?id=290697 A co-operative society classified by the competent statutory authority as a Primary Agricultural Credit Society was treated as entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act. That statutory classification governed the claim, and the income-tax authorities could not make a contrary factual inquiry to deny the benefit. Section 80P(4) was therefore held inapplicable to defeat the deduction where the society's status had already been certified under the Kerala Co-operative Societies Act, 1969. The decision distinguished an earlier Revenue-reliance precedent as arising in a different context and not displacing the binding effect of the statutory classification. 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 A co-operative society classified by the competent statutory authority as a Primary Agricultural Credit Society was treated as entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act. That statutory classification governed the claim, and the income-tax authorities could not make a contrary factual inquiry to deny the benefit. Section 80P(4) was therefore held inapplicable to defeat the deduction where the society's status had already been certified under the Kerala Co-operative Societies Act, 1969. The decision distinguished an earlier Revenue-reliance precedent as arising in a different context and not displacing the binding effect of the statutory classification. Case-Laws Income Tax Wed, 22 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290697