Cattle life insurance premium deduction for federal milk co-operative societies depends on supplying members' milk through the primary society. Premium paid by a federal milk co-operative society for insurance on the life of cattle owned by members of a primary co-operative society is allowed as a deduction in computing business income, where the primary society supplies milk produced by its members to the federal milk co-operative society claiming the deduction.
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Provisions expressly mentioned in the judgment/order text.
Cattle life insurance premium deduction for federal milk co-operative societies depends on supplying members' milk through the primary society.
Premium paid by a federal milk co-operative society for insurance on the life of cattle owned by members of a primary co-operative society is allowed as a deduction in computing business income, where the primary society supplies milk produced by its members to the federal milk co-operative society claiming the deduction.
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