https://www.taxtmi.com/caselaws?id=456042 A primary agricultural credit society's claim for deduction under section 80P required fresh examination because the authorities had denied relief on the basis of transactions with nominal members and the treatment of interest and dividend income. The Tribunal held that eligibility under section 80P(2)(a)(i) had to be reconsidered in light of Mavilayi Service Co-operative Bank Ltd., and that the claim relating to interest and dividend income also needed assessment under Kerala State Co-operative Agricultural and Rural Development Bank Ltd. As the first appellate authority had not examined the matter with reference to those Supreme Court decisions, the issue was remitted to the NFAC for adjudication on merits. en-us Fri, 22 Mar 2024 00:00:00 +0530 Sun, 23 Jun 2024 21:58:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456042 A primary agricultural credit society's claim for deduction under section 80P required fresh examination because the authorities had denied relief on the basis of transactions with nominal members and the treatment of interest and dividend income. The Tribunal held that eligibility under section 80P(2)(a)(i) had to be reconsidered in light of Mavilayi Service Co-operative Bank Ltd., and that the claim relating to interest and dividend income also needed assessment under Kerala State Co-operative Agricultural and Rural Development Bank Ltd. As the first appellate authority had not examined the matter with reference to those Supreme Court decisions, the issue was remitted to the NFAC for adjudication on merits. Case-Laws Income Tax Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456042