https://www.taxtmi.com/caselaws?id=273328 The appeals by the revenue against the exemption granted to two cooperative societies under sections 80P(2)(a)(i) and 80P(2)(a)(iv) of the Income-tax Act, 1961 were dismissed. The societies engaged in banking activities and providing credit facilities for agricultural purposes were found entitled to the exemption. The Assessing Officer's denial based on funds circulation from non-members was overturned by the ITAT, emphasizing that the income was generated solely from members. The decision upheld the exemption for the cooperative societies under the relevant provisions of the Act. en-us Tue, 31 Jul 2012 00:00:00 +0530 Mon, 18 Jun 2018 11:12:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273328 The appeals by the revenue against the exemption granted to two cooperative societies under sections 80P(2)(a)(i) and 80P(2)(a)(iv) of the Income-tax Act, 1961 were dismissed. The societies engaged in banking activities and providing credit facilities for agricultural purposes were found entitled to the exemption. The Assessing Officer's denial based on funds circulation from non-members was overturned by the ITAT, emphasizing that the income was generated solely from members. The decision upheld the exemption for the cooperative societies under the relevant provisions of the Act. Case-Laws Income Tax Tue, 31 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273328