Meaning of tax terms

Meaning of “Credit society”

Posted on by Prashant Thakur

Case Name : CIT vs. Coral mills workers co-operative stores ltd. 

Citation : [1977] 106 ITR  868 (mad.)

Court : Madras high court

Section : 80P

Meaning : A ‘credit society’ within the meaning of section 14(3)(i) of the 1922 act and section 81(i) of the 1961 act could only mean a society which provides credit by way of loans of money to its members and not a society which sells goods on credit.

Prashant Thakur

The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.

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