2001 (11) TMI 51 - HC - Income Tax

Summary

The High Court of Madras ruled that a cooperative society engaged in the sale of lint is not entitled to the tax benefit under section 80P(2)(a)(iii) of the Income Tax Act, 1961, as the agricultural produce marketed was not grown by its members. The amendment requiring the produce to be grown by members was applied retrospectively from April 1, 1968, affecting the assessment year 1987-88. The judgment favored the Revenue over the assessee.