https://www.taxtmi.com/caselaws?id=56037 A co-operative society engaged in advancing credit and deploying funds through securities, short-term deposits, staff loans and related investments was treated as carrying on banking or credit business, so the resulting income was attributable to that business and exempt under section 80P(2)(a)(i). Provident fund investments were treated as trustee funds and not taxable in its hands. Because the exempt income could not be regarded as escaped assessment, the jurisdictional basis for reopening under section 147(b) was absent, and the reassessment proceedings were invalid. en-us Fri, 30 Apr 1982 00:00:00 +0530 Wed, 01 Dec 2010 12:38:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56037 A co-operative society engaged in advancing credit and deploying funds through securities, short-term deposits, staff loans and related investments was treated as carrying on banking or credit business, so the resulting income was attributable to that business and exempt under section 80P(2)(a)(i). Provident fund investments were treated as trustee funds and not taxable in its hands. Because the exempt income could not be regarded as escaped assessment, the jurisdictional basis for reopening under section 147(b) was absent, and the reassessment proceedings were invalid. Case-Laws Income Tax Fri, 30 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56037