https://www.taxtmi.com/caselaws?id=306851 The High Court determined that income earned by registered Co-operative Societies from investments made with third parties, not members, cannot be considered as profits from providing credit facilities under Section 80P of the Income-tax Act. The Court held that for income to qualify as business profits, it must be derived from investments essential to the business. As the investments in question were not obligatory and involved third parties, the income could not be attributed to providing credit facilities. The Court allowed the appeals, overturning the decisions of the Tribunal and Commissioner of Appeals, and reinstated the assessment orders. en-us Fri, 31 May 2013 00:00:00 +0530 Thu, 02 Mar 2023 13:20:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306851 The High Court determined that income earned by registered Co-operative Societies from investments made with third parties, not members, cannot be considered as profits from providing credit facilities under Section 80P of the Income-tax Act. The Court held that for income to qualify as business profits, it must be derived from investments essential to the business. As the investments in question were not obligatory and involved third parties, the income could not be attributed to providing credit facilities. The Court allowed the appeals, overturning the decisions of the Tribunal and Commissioner of Appeals, and reinstated the assessment orders. Case-Laws Income Tax Fri, 31 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306851