IT exemption for cooperative societies widely welcomed

IT exemption for cooperative societies widely welcomed
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‘The ruling has saved over 90% of cooperatives from closure’
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‘The ruling has saved over 90% of cooperatives from closure’
The Supreme Court verdict on January 12 upholding income tax exemption under Section 80P for primary agricultural credit societies has widely been welcomed.
“The verdict has saved more than 90% of cooperatives from closure. These primary institutions will benefit from the verdict,” said Kince Varghese, secretary, Mavilayi Service Cooperative Bank, Kannur, on Wednesday.
The verdict, exempting credit societies and other primary societies from paying income tax, was delivered by a three-judge bench comprising justices R.F. Nariman, Naveen Sinha and K.M. Joseph. The SC ruling came on a Kerala High Court full bench verdict of March 2019, said Mr. Varghese.

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