Supreme Court rules activities not "credit facilities" for members under Income-tax Act

The Supreme Court dismissed the appeal, holding that the assessee's activity did not constitute "credit facilities" for its members, rendering section 80P of the Income-tax Act, 1961, inapplicable. No costs were awarded.

---

---

The Supreme Court dismissed the appeal stating that the activity of the assessee does not provide "credit facilities" to its members, therefore section 80P of the Income-tax Act, 1961, is not applicable. No order as to costs.

---