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of <h1>Court clarifies calculation method for cooperative marketing society's tax exemption on fertilizer sales income</h1> <h3>Commissioner Of Income-Tax Versus Sonepat Co-Operative Marketing Society Limited</h3> The High Court of Punjab and Haryana directed the Tribunal to consider whether exemption under section 80P(2)(a)(iv) of the Income-tax Act should be ... Co-operative Society, Special Deduction, Question Of Law The High Court of Punjab and Haryana heard a case regarding the deduction under section 80P(2)(a)(iv) of the Income-tax Act for a co-operative marketing society's income from the sale of fertilizers to its members. The Assessing Officer reduced the exempt income claimed by the society, but the Tribunal allowed exemption on the gross income without deducting expenses. The court directed the Tribunal to refer the question of whether exemption should be allowed on the gross profit after deducting proportionate expenses under section 80P(2)(a)(iv) of the Income-tax Act.
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