Section 14 - Amendment of Section 80P - Finance Act, 1979

14. Amendment of Section 80P In section 80P of the Income-tax Act, in sub-section (2), in clause (c), for the words so much of its profits and gains attributable to such activities as does not exceed twenty thousand rupees; , the following shall be substituted with effect from the 1st day of April, 1980, namely :- so much of its profits and gains attributable to such activities as does not exceed, - (i) where such co-operative society is a consumers co-operative society, forty thousand rupees; and (ii) in any other case, twenty thousand rupees. Explanation : In this clause, consumers co-operative society means a society for the benefit of the consumers; .