https://www.taxtmi.com/caselaws?id=2983 The HC of Punjab and Haryana ruled in favor of the Revenue, determining that the society's income, including a disputed subsidy of Rs. 40,000, was not exempt from taxation under section 80P(2)(a)(iii) of the Income-tax Act, 1961. The court emphasized that the amended provision, effective retrospectively from April 1, 1968, disallowed tax exemptions for income derived from specified activities, aligning with judicial precedents and legal interpretations. The decision upheld the Revenue's position, concluding that the society's income from various agricultural products and other sources was taxable, thereby disposing of the reference in favor of the Revenue. en-us Tue, 26 Sep 2006 00:00:00 +0530 Sun, 22 Dec 2024 07:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2983 The HC of Punjab and Haryana ruled in favor of the Revenue, determining that the society's income, including a disputed subsidy of Rs. 40,000, was not exempt from taxation under section 80P(2)(a)(iii) of the Income-tax Act, 1961. The court emphasized that the amended provision, effective retrospectively from April 1, 1968, disallowed tax exemptions for income derived from specified activities, aligning with judicial precedents and legal interpretations. The decision upheld the Revenue's position, concluding that the society's income from various agricultural products and other sources was taxable, thereby disposing of the reference in favor of the Revenue. Case-Laws Income Tax Tue, 26 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2983