https://www.taxtmi.com/caselaws?id=458630 The Kerala HC ruled on a cooperative society's claim for deduction under Section 80P. The court held that a society registered under the Multi-State Cooperative Societies Act qualifies as a "cooperative society" under Section 2(19) and is entitled to Section 80P benefits, rejecting the Revenue's argument for strict construction. However, regarding the classification of interest income from surplus funds, the court followed the precedent in Peroorkada Service Cooperative Bank Ltd case, ruling in favor of the Revenue. The matter was remitted to the Assessing Officer for fresh disposal concerning the applicability of Section 80P(2) and 80P(4) provisions. en-us Thu, 10 Nov 2022 00:00:00 +0530 Sat, 09 Nov 2024 19:12:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458630 The Kerala HC ruled on a cooperative society's claim for deduction under Section 80P. The court held that a society registered under the Multi-State Cooperative Societies Act qualifies as a "cooperative society" under Section 2(19) and is entitled to Section 80P benefits, rejecting the Revenue's argument for strict construction. However, regarding the classification of interest income from surplus funds, the court followed the precedent in Peroorkada Service Cooperative Bank Ltd case, ruling in favor of the Revenue. The matter was remitted to the Assessing Officer for fresh disposal concerning the applicability of Section 80P(2) and 80P(4) provisions. Case-Laws Income Tax Thu, 10 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458630