National Co-Operative Development ... vs Commissioner Of Income Tax-V, Delhi

The Supreme Court ruled on the tax liability of the National Co-operative Development Corporation under the Income Tax Act. The court clarified that the appellant, being a statutory body established for promoting cooperative societies, is not liable to pay income tax on the income derived from its activities. The judgment emphasized the need to interpret tax laws in light of the specific objectives of the NCDC Act, ultimately favoring the appellant.