https://www.taxtmi.com/caselaws?id=55220 Statutory division of a co-operative society was treated as the extinction of the old entity and the creation of a new one, so a society freshly registered in 1968 could not claim continuity with the society formed in 1948 or rely on the earlier exemption notification. The earlier 1922 Act notification was held to survive only where the Income-tax Act, 1961 had made no specific provision; because section 80P dealt expressly with co-operative society deductions, the notification did not continue to operate for societies registered after the new Act commenced. The society could still seek deduction under section 80P, and that claim was left for fresh consideration. en-us Thu, 07 Mar 1991 00:00:00 +0530 Wed, 24 Nov 2010 16:15:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55220 Statutory division of a co-operative society was treated as the extinction of the old entity and the creation of a new one, so a society freshly registered in 1968 could not claim continuity with the society formed in 1948 or rely on the earlier exemption notification. The earlier 1922 Act notification was held to survive only where the Income-tax Act, 1961 had made no specific provision; because section 80P dealt expressly with co-operative society deductions, the notification did not continue to operate for societies registered after the new Act commenced. The society could still seek deduction under section 80P, and that claim was left for fresh consideration. Case-Laws Income Tax Thu, 07 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55220