Delhi High Court Grants Tax Exemption to Cooperative Society for Marketing Agricultural Produce

The High Court of Delhi held in favor of the cooperative society, granting it exemption under section 80P(2)(a)(iii) of the Income-tax Act, 1961, for the assessment years 1970-71 and 1971-72. The society's profits from marketing agricultural produce of its members were deemed eligible for the exemption, following a precedent set by the Supreme Court in a comparable case.

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The High Court of Delhi ruled in favor of the assessee, a cooperative society, stating that it is entitled to exemption under section 80P(2)(a)(iii) of the Income-tax Act, 1961, for the assessment years 1970-71 and 1971-72. The society's profits from marketing agricultural produce of its members qualify for the exemption based on a decision of the Supreme Court in a similar case.

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