https://www.taxtmi.com/caselaws?id=17608 The High Court of Bombay clarified that co-operative societies are entitled to income tax exemption under the principle of mutuality and Section 80P of the Income-tax Act, 1961. The court emphasized the need to assess profits from dealings with members for exemption eligibility. The case was remitted back to the Tribunal for further evaluation based on relevant legal principles and precedents, directing the Tribunal to grant additional relief if deemed appropriate. en-us Fri, 04 Apr 1997 00:00:00 +0530 Wed, 23 Sep 2009 15:58:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17608 The High Court of Bombay clarified that co-operative societies are entitled to income tax exemption under the principle of mutuality and Section 80P of the Income-tax Act, 1961. The court emphasized the need to assess profits from dealings with members for exemption eligibility. The case was remitted back to the Tribunal for further evaluation based on relevant legal principles and precedents, directing the Tribunal to grant additional relief if deemed appropriate. Case-Laws Income Tax Fri, 04 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17608