Commissioner Of Income Tax vs South Arcot District Cooperative Marketing Society Ltd.

Authority: Supreme Court Date: 1989-01-25 AY: 1961-62 Section: 80P Acts: Indian Income Tax Act, 1922, Income Tax Act, 1961, Madras Co-operative Societies Act Result: Assessee Citation: (1989) 80 CTR (SC) 83 : (1989) 176 ITR 117 (SC) : (1989) 43 TAXMAN 328 Justices: R.S. Pathak, C.J. & Ranganath Mishra, J. Appeal No: Civil Appeal No. 1839 of 1975
Whether income received by a co-operative society for stocking and distribution of ammonium sulphate under agreement with State Government qualifies for exemption under Section 14(3)(iv) of Indian Income Tax Act, 1922 --- Held Yes, as the essential nature of transaction was letting of godowns with incidental services.

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