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SC upholds IT exemption for credit co-ops; NCUI hails verdict


N Satya Narayana, Chief Executive of the apex co-op body NCUI has welcomed the Supreme Court verdict on January 12 upholding income tax exemption under Section 80P for primary agricultural credit societies.
Tweeting on the issue, Satya Narayan wrote “NCUI welcomes SC verdict on Jan 12 upholding IT exemption under Section 80 P for primary agricultural credit societies, except coop banks under RBI operating license–N Satya Narayana, CE, NCUI”
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 the Kerala High Court’s full bench verdict of March 2019. ....

Naveen Sinha , Satya Narayan , Kince Varghese , N Satya Narayana , Supreme Court , Kerala High Court , Income Tax Department , Mavilayi Service Cooperative Bank , Kerala Cooperative Societies , Chief Executive , Kerala Cooperative Societies Act , Reserve Bank , Income Tax , Satya Narayana , From States , நவீன் சீன்ஹா , சத்யா நாராயண் , ச்சனியான சத்யா நாராயணா , உச்ச நீதிமன்றம் , கேரள உயர் நீதிமன்றம் , வருமானம் வரி துறை , மாவிலாயி சேவை கூட்டுறவு வங்கி , கேரள கூட்டுறவு சமூகங்கள் , தலைமை நிர்வாகி , கேரள கூட்டுறவு சமூகங்கள் நாடகம் , இருப்பு வங்கி ,

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. ....

Naveen Sinha , Kince Varghese , Cochin Chamber , Supreme Court , Kerala High Court , Mavilayi Service Cooperative Bank , Kerala Cooperative Societies , Kerala Cooperative Societies Act , Reserve Bank , Agricultural Credit Societies In Kerala Cochin Chamber Of Commerce , நவீன் சீன்ஹா , கொச்சின் அறை , உச்ச நீதிமன்றம் , கேரள உயர் நீதிமன்றம் , மாவிலாயி சேவை கூட்டுறவு வங்கி , கேரள கூட்டுறவு சமூகங்கள் , கேரள கூட்டுறவு சமூகங்கள் நாடகம் , இருப்பு வங்கி ,