sec 81(b)

Income of co-operative societies

81. Income-tax shall not be payable by a co-operative society—

(i) in respect of the profits and gains of business carried on by it, if it is—

(a) a society engaged in carrying on the business of banking or providing credit facilities to its members; or

(b) a society engaged in a cottage industry;  ...........

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81. to 85C. Omitted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968. Provisions of sections 81, 82, 83, 84, 85, 85A, 85B and 85C were incorporated from the same date in sections 80P, 80Q, ............ respectively.