https://www.taxtmi.com/caselaws?id=448366 The ITAT Cochin held that primary agricultural cooperative societies registered under Kerala Act remain eligible for section 80P deduction despite engaging in banking activities without license. The Revenue argued these societies were cooperative banks ineligible under section 80P(4), but the tribunal found they retained their cooperative society status per registration certificate. The societies were entitled to full deduction under section 80P(1) read with section 80P(2)(a)(i) for banking business income, as they were not cooperative banks within section 80P(4) meaning. Additional deduction under section 80P(2)(d) for investment interest was also allowed where not covered under banking business. en-us Wed, 13 Dec 2023 00:00:00 +0530 Wed, 17 Jan 2024 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448366 The ITAT Cochin held that primary agricultural cooperative societies registered under Kerala Act remain eligible for section 80P deduction despite engaging in banking activities without license. The Revenue argued these societies were cooperative banks ineligible under section 80P(4), but the tribunal found they retained their cooperative society status per registration certificate. The societies were entitled to full deduction under section 80P(1) read with section 80P(2)(a)(i) for banking business income, as they were not cooperative banks within section 80P(4) meaning. Additional deduction under section 80P(2)(d) for investment interest was also allowed where not covered under banking business. Case-Laws Income Tax Wed, 13 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448366