https://www.taxtmi.com/caselaws?id=9173 The Kerala High Court ruled in favor of a co-operative society in a case involving the interpretation of section 80P(2)(a)(i) of the Income-tax Act, 1961. The issue centered on whether income from conducting chit funds qualified for deduction under the provision. The court held that the chit fund scheme, which provided credit facilities exclusively to its members through competitive bidding, fell within the scope of the provision. The High Court affirmed the Income-tax Appellate Tribunal's decision, allowing the deduction for income derived from the chit fund business. en-us Tue, 09 Apr 1974 00:00:00 +0530 Sat, 20 Jun 2009 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9173 The Kerala High Court ruled in favor of a co-operative society in a case involving the interpretation of section 80P(2)(a)(i) of the Income-tax Act, 1961. The issue centered on whether income from conducting chit funds qualified for deduction under the provision. The court held that the chit fund scheme, which provided credit facilities exclusively to its members through competitive bidding, fell within the scope of the provision. The High Court affirmed the Income-tax Appellate Tribunal's decision, allowing the deduction for income derived from the chit fund business. Case-Laws Income Tax Tue, 09 Apr 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9173