https://www.taxtmi.com/caselaws?id=18490 Interest received by a co-operative society from members on outstanding balances arising from supply of goods was held not to qualify for exemption under section 80P(2)(a)(i) of the Income-tax Act, 1961. The provision applies to societies carrying on banking business or providing credit facilities to members, and the credit contemplated must be connected with banking activity. Interest arising merely from credit extended in the course of sale of goods was treated as incidental to the supply business, not as provision of banking-type credit facilities. The answer was therefore against the assessee and in favour of the Revenue. en-us Mon, 13 Nov 1995 00:00:00 +0530 Thu, 01 Oct 2009 12:46:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18490 Interest received by a co-operative society from members on outstanding balances arising from supply of goods was held not to qualify for exemption under section 80P(2)(a)(i) of the Income-tax Act, 1961. The provision applies to societies carrying on banking business or providing credit facilities to members, and the credit contemplated must be connected with banking activity. Interest arising merely from credit extended in the course of sale of goods was treated as incidental to the supply business, not as provision of banking-type credit facilities. The answer was therefore against the assessee and in favour of the Revenue. Case-Laws Income Tax Mon, 13 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18490