Assessing Officer's Role in Evaluating Tax Benefits for Agricultural Credit Societies u/s 80P(2)(4) of Income Tax Act.

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Full Text of the Document

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....Deduction u/s 80P (2) - scope of introduction of sub-section (4) - Primary Agricultural Credit Society or a Co-operative Bank - AO has to conduct an enquiry into the factual situation as to the activities of the assessee society and arrive at a conclusion whether benefits can be extended or not in the light of the provisions under sub-section (4) of Section 80P....