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of <h1>Supreme Court Upholds Tax Exemption for Cooperative Societies u/s 80P, Differentiating Them from Banks.</h1> The Supreme Court addressed the tax exemption eligibility of a cooperative society under Section 80P of the Income Tax Act, 1961. The dispute centered on whether the respondent should be classified as a cooperative society or a cooperative bank, impacting its tax exemption status. The Revenue argued that the respondent functioned like a bank, thus ineligible for exemptions. The High Court ruled in favor of the respondent, a decision upheld by the Supreme Court. The Court emphasized legislative intent to support cooperative societies, distinguishing them from banks, and clarified the criteria for tax exemptions, reinforcing support for non-banking cooperative activities.
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