https://www.taxtmi.com/caselaws?id=181583 A co-operative society carrying on insurance business was held entitled to exemption under a Central Government notification issued under section 60 of the Indian Income-tax Act, 1922. The court construed "classes of income" as broader than "heads of income" and held that the exemption for profits of co-operative societies was not limited to societies with multiple statutory heads of income. Because the assessee's insurance profits were computed as one notional unit and it had no income of the kind covered by the explanation excluding investments, dividends and other Section 12 income, that explanation did not apply. The whole of the society's income from the co-operative insurance business was therefore exempt. en-us Tue, 22 Mar 1949 00:00:00 +0530 Wed, 20 Apr 2016 11:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181583 A co-operative society carrying on insurance business was held entitled to exemption under a Central Government notification issued under section 60 of the Indian Income-tax Act, 1922. The court construed "classes of income" as broader than "heads of income" and held that the exemption for profits of co-operative societies was not limited to societies with multiple statutory heads of income. Because the assessee's insurance profits were computed as one notional unit and it had no income of the kind covered by the explanation excluding investments, dividends and other Section 12 income, that explanation did not apply. The whole of the society's income from the co-operative insurance business was therefore exempt. Case-Laws Income Tax Tue, 22 Mar 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181583