# The Finance Act, 1971, Section 22: Amendment of section 80P

- Act: The Finance Act, 1971 (Act 32 of 1971)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1971/section/22/

## Text

Amendment of section 80P. 22. In section 80P of the Income-tax Act, in clause (a) of sub-section (2), with effect from the 1st day of April, 1972,— (a) in sub-clause (v), the word "or" shall be inserted at the end; (b) after sub-clause (v), the following sub-clauses shall be inserted, namely: — "(vi) the collective disposal of the labour of its members, or (vii) fishing or allied activities, that is to say, the catching, curing processing, preserving, storing or marketing of fish or the purchase of materials and equipment in connection therewith for the purpose of supplying them to its members.": (c) the following proviso shall be inserted at the end, namely: — "Provided that in the case of a co-operative society falling under sub-clause (vi) or sub-clause (vii), the rules and bye-laws of the society restrict the voting rights to the following classes of its members, namely: — (1) the individuals who contribute their labour or, as the case may be, carry on the. fishing or allied activities; (2) the co-operative credit societies which provide financial assistance to the society; (3) the State Government;". [Finance (No. 2) Act, 1971] © Copyright. Taxmann Publications Pvt. Ltd.

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