https://www.taxtmi.com/caselaws?id=752001 ITAT Cochin held that a cooperative society registered as primary agricultural credit society (PACS) under Kerala Cooperative Societies Act, 1969 was denied section 80P deduction despite registration, as only 10% of its lending was agricultural. The tribunal found that not being a PACS doesn't preclude section 80P benefits since banking is eligible activity under section 80P(2)(a)(i). Matter remanded to AO to determine if assessee qualifies as cooperative bank under Banking Regulation Act definition, which would exclude section 80P benefits under section 80P(4). Appeals allowed for statistical purposes. en-us Tue, 26 Mar 2024 00:00:00 +0530 Wed, 01 May 2024 19:53:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752001 ITAT Cochin held that a cooperative society registered as primary agricultural credit society (PACS) under Kerala Cooperative Societies Act, 1969 was denied section 80P deduction despite registration, as only 10% of its lending was agricultural. The tribunal found that not being a PACS doesn't preclude section 80P benefits since banking is eligible activity under section 80P(2)(a)(i). Matter remanded to AO to determine if assessee qualifies as cooperative bank under Banking Regulation Act definition, which would exclude section 80P benefits under section 80P(4). Appeals allowed for statistical purposes. Case-Laws Income Tax Tue, 26 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752001