1988 (11) TMI 57

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..... The assessee, Ludhiana Co-operative Marketing Society Limited, is a co-operative society registered under the Co-operative Societies Act, 1912. The controversy here is with regard to its claim for exemption for the whole of its income on the ground that it was covered by the provisions of section 10(29) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The Tribunal held that th .....

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..... ncome derived by it from letting out of its godowns, was consequently exempt. In dealing with this matter, the court accepted the position that the assessee-company could not be said to be an "authority constituted under any law for the time being in force", as all that could be said was that its existence was permissive under the Companies Act and no more. Further, it was held that a joint stock .....

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..... to create an " authority", but was enacted to facilitate the formation of co-operative societies for the purposes mentioned therein. Another relevant aspect of the matter here is the provisions of section 80P of the Act which deals specifically with deductions in respect of income of co-operative societies. The fact that co-operative societies have been specifically and separately dealt with in .....

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