https://www.taxtmi.com/caselaws?id=768119 The Tribunal ruled that a primary agricultural credit co-operative society is entitled to deduction under section 80P of the Income Tax Act, despite the Assessing Officer's denial based on only 11.48% of loans being for agricultural purposes. Following SC precedents in Mavilayi Service Co-operative Bank and PCIT v. Annasaheb Patil cases, the Tribunal held that co-operative credit societies are distinct from Co-operative Banks under the Banking Regulation Act. The exclusion in section 80P(4) applies only to entities operating like commercial banks with RBI licenses, not to societies merely providing credit to members. Appeal allowed. en-us Fri, 28 Mar 2025 00:00:00 +0530 Tue, 01 Apr 2025 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768119 The Tribunal ruled that a primary agricultural credit co-operative society is entitled to deduction under section 80P of the Income Tax Act, despite the Assessing Officer's denial based on only 11.48% of loans being for agricultural purposes. Following SC precedents in Mavilayi Service Co-operative Bank and PCIT v. Annasaheb Patil cases, the Tribunal held that co-operative credit societies are distinct from Co-operative Banks under the Banking Regulation Act. The exclusion in section 80P(4) applies only to entities operating like commercial banks with RBI licenses, not to societies merely providing credit to members. Appeal allowed. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768119