https://www.taxtmi.com/caselaws?id=313777 The ITAT Cochin examined a primary agricultural credit society's claim for deduction under section 80P(1). The assessee argued it qualified as a PACS under Kerala Co-operative Societies Act, 1969, but the Revenue denied the claim citing section 80P(4) amendment effective from AY 2007-08. The ITAT held that while the nature of credit (agricultural/non-agricultural) is irrelevant under section 80P(2)(a)(i), the crucial issue is whether the assessee constitutes a "cooperative bank" as defined under section 80P, which would disqualify it from the deduction. Since the assessee's bye-laws weren't on record to determine its status as a primary cooperative bank, the matter was remanded to the AO for proper determination. The appeal was allowed for statistical purposes. en-us Wed, 31 Jan 2024 00:00:00 +0530 Wed, 01 May 2024 19:54:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313777 The ITAT Cochin examined a primary agricultural credit society's claim for deduction under section 80P(1). The assessee argued it qualified as a PACS under Kerala Co-operative Societies Act, 1969, but the Revenue denied the claim citing section 80P(4) amendment effective from AY 2007-08. The ITAT held that while the nature of credit (agricultural/non-agricultural) is irrelevant under section 80P(2)(a)(i), the crucial issue is whether the assessee constitutes a "cooperative bank" as defined under section 80P, which would disqualify it from the deduction. Since the assessee's bye-laws weren't on record to determine its status as a primary cooperative bank, the matter was remanded to the AO for proper determination. The appeal was allowed for statistical purposes. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313777