https://www.taxtmi.com/caselaws?id=298282 A primary agricultural credit society classified under the Kerala Cooperative Societies Act was treated as entitled to deduction for income derived from its agricultural credit activity, because the State-law classification was accepted as determinative and could not be reappraised contrary to the competent finding. Interest earned on investments with sub-treasuries and banks was also held deductible because it was attributable to the society's banking operations and was integrally connected with those activities. On both issues, the relief granted to the cooperative society was sustained and the Revenue's challenge failed. en-us Tue, 14 Aug 2018 00:00:00 +0530 Mon, 25 Oct 2021 09:16:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298282 A primary agricultural credit society classified under the Kerala Cooperative Societies Act was treated as entitled to deduction for income derived from its agricultural credit activity, because the State-law classification was accepted as determinative and could not be reappraised contrary to the competent finding. Interest earned on investments with sub-treasuries and banks was also held deductible because it was attributable to the society's banking operations and was integrally connected with those activities. On both issues, the relief granted to the cooperative society was sustained and the Revenue's challenge failed. Case-Laws Income Tax Tue, 14 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298282