9911796707
TMI Blog1998 (3) TMI 694X X X X Extracts X X X X X X X X Extracts X X X X ..... an, J. 1. The assessee is a co-operative marketing federation limited registered under the Co-operative Societies Act, and mainly deals, inter alia, in general fertilisers, products from mixing units, etc. The Income Tax Officer, for the assessment year 1977-78, rejected the claim of the assessee for exemption under section 80P(2)(a)(iv) of the Income Tax Act (hereinafter referred to as `the Act& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se two entries relate to the assessee's business in fertilisers and fix the two items, the assessee was entitled to exemption under section 80P(2)(a)(iv) of the Act. 3. The revenue has challenged the order of the Appellate Assistant Commissioner by filing an appeal before the Tribunal and the Tribunal concurred with the order of the Commissioner (Appeals) and held that the assessee was entitl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deration Ltd., wherein this court considered the claim of exemption under section 80P of the Act with reference to the same assessee for the earlier assessment years 1974-75 and 1975-76 and held that the assessee is a federation of primary co-operative societies, purchased fertilisers and sold them to various member societies and not to the actual agriculturists. This court in the said case held t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on, is governed by the same criterion regarding the exemption referred to in section 80P(2)(a)(iv) of the Act and the sale of scrap also would qualify for exemption under section 80P of the Act, but, the deduction will be limited to the sale to its members, but, not to the outsiders. In so far as the other two amounts are concerned, viz., ₹ 13,55,933 and ₹ 17,68,237, the Tribunal found ..... X X X X Extracts X X X X X X X X Extracts X X X X
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