Karnataka Court May 1969 Judgments

Mysore Co-operative Society Ltd. Vs. Commissioner of Income-tax

Court: Karnataka

Somnath Iyer, J. 1. These two references, one of which relates to the assessment year 1961-62, is made to this court under Section 66(1) of the Indian Income-tax Act, 1922, and the other, which relates to the assessment year 1962-63, under Section 256(1) of the Income-tax Act, 1961, involve the interpretation of the expression 'urban consumers' co-operative society' occurring in the relevant law which was then operating. The assessee is a co-operative society called the Mysore Co-operative Society Ltd., which carried on the business in banking and trading operations and other activities. During the relevant previous years it derived interest on securities and income from its properties, in respect of which, it claimed an exemption under Section 14(3)(iv) with respect to the assessment year 1961-62 and under Section 81(v) in respect of the assessment year 1962-63. Section 81(v) of the Indian Income-tax Act, 1961, which will be referred to as the 'new Act', corresponds to Section 14(3) o...