https://www.taxtmi.com/caselaws?id=25305 The Kerala High Court held that credit sales by a cooperative society to its members did not qualify for exemption under section 80P(2)(a)(i) of the Income-tax Act. The court emphasized the distinction between providing credit facilities and engaging in banking activities, concluding that selling goods on credit did not meet the criteria for the claimed exemption. Consequently, the court upheld the Appellate Tribunal's decision to deny the deduction for all relevant assessment years, ruling in favor of the Revenue and awarding costs accordingly. en-us Wed, 15 Jul 1987 00:00:00 +0530 Wed, 27 Jan 2010 17:54:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25305 The Kerala High Court held that credit sales by a cooperative society to its members did not qualify for exemption under section 80P(2)(a)(i) of the Income-tax Act. The court emphasized the distinction between providing credit facilities and engaging in banking activities, concluding that selling goods on credit did not meet the criteria for the claimed exemption. Consequently, the court upheld the Appellate Tribunal's decision to deny the deduction for all relevant assessment years, ruling in favor of the Revenue and awarding costs accordingly. Case-Laws Income Tax Wed, 15 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25305