Supreme Court · 2010 INSC 86 · Decided 8 February 2010
M/S. the Totgars Cooperative Sale Society Limited v. Income Tax Officer, Karnataka
- Court
- Supreme Court of India
- Citation
- 2010 INSC 86 · [2010] 2 S.C.R. 496
- Case number
- CIVIL APPEAL No. 1622/2010
- Decided
- 8 February 2010
- Bench
- S.H. KAPADIA, AFTAB ALAM (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 80P(2)(a)(i)
Headnote
Income Tax Act, 1961: ss. 80P(2)(a)(i) and (iii) rlw ss.56.and 2(24)(i) - Deduction in respect of income oi co-operative societies - 'Profit and gains from business' - Co-operative Society providing credit facilities to its members and marketing their agricultural funds invested by Society in short term deposits - Interest earned thereon - HELD: Does not fall within the meaning of expression 'profit and gains from business' - Such interest income .cannot be said to be . attributable to the activities of the Society - The words 'the whole of the amount of
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