https://www.taxtmi.com/caselaws?id=5739 Section 80P(2)(a)(i) exemption was confined to societies providing credit facilities directly to their own members, and the term "members" had to be read in the context of the relevant State cooperative law. On that basis, the Federation's members were only the cane union cooperative societies, while individual cane growers were not its members. Income received as service charges from supplying pumping sets therefore did not qualify for exemption. A liberal construction and reliance on lifting the corporate veil were rejected as inapplicable, and the exemption claim failed. en-us Thu, 30 Jan 1997 00:00:00 +0530 Tue, 14 Oct 2025 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5739 Section 80P(2)(a)(i) exemption was confined to societies providing credit facilities directly to their own members, and the term "members" had to be read in the context of the relevant State cooperative law. On that basis, the Federation's members were only the cane union cooperative societies, while individual cane growers were not its members. Income received as service charges from supplying pumping sets therefore did not qualify for exemption. A liberal construction and reliance on lifting the corporate veil were rejected as inapplicable, and the exemption claim failed. Case-Laws Income Tax Thu, 30 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5739