1998 (12) TMI 8 - SCH - Income Tax

Co-operative Society - Exemption - While we sympathise with what the assessee is doing we do not think that its activity can be said to provide credit facilities to its members. Therefore the High Court has rightly held that the provisions of section 80P of the Income-tax Act 1961 are not applicable. The appeals are dismissed

Summary

The Supreme Court dismissed the appeal stating that the activity of the assessee does not provide "credit facilities" to its members, therefore section 80P of the Income-tax Act, 1961, is not applicable. No order as to costs.