https://www.taxtmi.com/caselaws?id=23666 The High Court held that profits earned by a cooperative society from the sale of agricultural produce owned by its members are exempt under section 80P(2)(a)(iii) of the Income-tax Act, 1961. The Court favored a liberal construction to promote co-operative societies and diverged from previous decisions by emphasizing a broader interpretation of the term "marketing." The judgment ruled in favor of the assessee, contrary to conflicting views in judicial precedents, and allowed the exemption for profits derived from the sale of agricultural produce regardless of the production source. en-us Tue, 21 Mar 1989 00:00:00 +0530 Wed, 23 Dec 2009 11:23:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23666 The High Court held that profits earned by a cooperative society from the sale of agricultural produce owned by its members are exempt under section 80P(2)(a)(iii) of the Income-tax Act, 1961. The Court favored a liberal construction to promote co-operative societies and diverged from previous decisions by emphasizing a broader interpretation of the term "marketing." The judgment ruled in favor of the assessee, contrary to conflicting views in judicial precedents, and allowed the exemption for profits derived from the sale of agricultural produce regardless of the production source. Case-Laws Income Tax Tue, 21 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23666