Tribunal held that the narration in the loan extracts in the audit reports by itself may not be conclusive to prove whether a loan is an agricultural loan or a non-agricultural loan. The gold loans may or may not be disbursed for the purpose of agricultural purposes. Necessarily, the Assessing Officer had to examine the details of each loan disbursement and determine the purpose for which the loans were disbursed, i. e., whether for agricultural purpose or non-agricultural purpose. The Assessing Officer shall list out the instances where loans had disbursed for non-agricultural purposes, etc., and accordingly conclude that the assessee’s activities were not in compliance with the activities of a primary agricultural credit society functioning under the Kerala Co-operative Societies Act, 1969, before denying the deduction under section 80P(2). For the purpose, the issue was restored to the Assessing Officer. The Assessing Officer shall examine the activities of the assessee by following the dictum laid down by the Full Bench of the High Court and shall take a decision in accordance with law.( AY.2014-15)