https://www.taxtmi.com/caselaws?id=29655 The High Court ruled that the deduction under section 80P for a cooperative society should be allowed before adjusting unabsorbed depreciation or development rebate from earlier years. The court considered relevant legal precedents and provisions, emphasizing the unique position of cooperative societies under section 80P. The decision favored the assessee, granting costs and permitting the standing counsel to seek leave to appeal to the Supreme Court on the specific issue of the sequencing of relief under section 80P in relation to unabsorbed depreciation or development rebate. en-us Tue, 22 Sep 1981 00:00:00 +0530 Mon, 15 Mar 2010 13:34:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29655 The High Court ruled that the deduction under section 80P for a cooperative society should be allowed before adjusting unabsorbed depreciation or development rebate from earlier years. The court considered relevant legal precedents and provisions, emphasizing the unique position of cooperative societies under section 80P. The decision favored the assessee, granting costs and permitting the standing counsel to seek leave to appeal to the Supreme Court on the specific issue of the sequencing of relief under section 80P in relation to unabsorbed depreciation or development rebate. Case-Laws Income Tax Tue, 22 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29655