9911796707
TMI Blog1983 (2) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... 976-77. 2. The appellant is a cooperative society. The issue raised in the ground of appeal is whether on the facts and in the circumstances of the case, the sum of Rs. 43,635 being the commission earned by the appellant-society from the District Food & Supplies Controller is exempt u/s. 80P(2)(a)(iii) of the IT Act, 1961. The authorities below have held it to be not exempt by holding that the G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide that the liability of a member for deficit in the assets of the society, in the event of its being wound up, shall be limited to 5 times the value of the share capital subscribed by him and notwithstanding the provisions of bylaw 17, the liability of the State Government in respect of the share capital subscribed by it shall not exceed the face value of the share subscribed. When we read thes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is exempt. This ground alongwith ground No. 2 which also deals with the same issue is, therefore, disposed of in favour of the assessee. 4. The only other issue involved in this appeal is the depreciation to be allowed on the godowns form which the assessee had shown rent during the year under appeal. The assessee had entered into an agreement with the Punjab State Cooperative Supply & Marketing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the society or the federation shall be realised by the society which shall be credited or adjusted against instalments as prescribed by the federation. However, it is provided in cl. 7 of this agreement that it is only on the repayment of entire loan by the society to the federation that the godown shall be released by the federation in favour of the society and the same shall thereafter be the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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