https://www.taxtmi.com/caselaws?id=5426 SC held that income of a co-operative society falling under Chapter VII exemption (s.81(i)(d)) must nonetheless be included in total income for computation under s.66, thereby attracting s.110's provisions. The society's entitlement is to a deduction in tax based on its net taxable profits (income otherwise computable under the Act), not on gross profits. The exemption/deduction is limited to the average rate of income-tax (as defined s.2(10)) applied to the amount on which no tax is payable, and cannot exceed that computed average. en-us Thu, 05 Aug 1993 00:00:00 +0530 Fri, 17 Oct 2025 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5426 SC held that income of a co-operative society falling under Chapter VII exemption (s.81(i)(d)) must nonetheless be included in total income for computation under s.66, thereby attracting s.110's provisions. The society's entitlement is to a deduction in tax based on its net taxable profits (income otherwise computable under the Act), not on gross profits. The exemption/deduction is limited to the average rate of income-tax (as defined s.2(10)) applied to the amount on which no tax is payable, and cannot exceed that computed average. Case-Laws Income Tax Thu, 05 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5426