Tax on new manufacturing co-operative societies: option for a preferential tax regime subject to strict eligibility and compliance conditions. A new provision permits resident co operative societies engaged in new manufacturing to opt for a preferential tax regime subject to eligibility: newly set up and registered co operatives commencing manufacturing within a prescribed window, not formed by splitting or reconstruction, and not using previously used machinery except limited exceptions. The option imposes separate higher tax treatment for non manufacturing income and certain capital gains, denies a range of specified deductions and carry forwards attributable to those deductions, requires prescribed depreciation computation, grants the assessing officer power to adjust profits for related party distortions and arm's length specified domestic transactions, and is exercisable in a prescribed, irrevocable manner.