1999 (2) TMI 19 - HC - Income Tax

Summary

The High Court of Delhi ruled in favor of the assessee, a cooperative society, stating that it is entitled to exemption under section 80P(2)(a)(iii) of the Income-tax Act, 1961, for the assessment years 1970-71 and 1971-72. The society's profits from marketing agricultural produce of its members qualify for the exemption based on a decision of the Supreme Court in a similar case.