https://www.taxtmi.com/caselaws?id=189878 The Assam Agricultural Income-tax Act, 1939 taxes the agricultural portion of tea income as determined under the income-tax framework and Assam rules. A co-operative society's sales of tea to its members are treated as real sales in the ordinary legal sense, not as a company dealing with itself. Member payments are purchase prices, not contributions to a common fund, so the resulting surplus is trading profit. The mutuality principle does not apply where the receipts arise from such commercial transactions, and the agricultural component of tea business income remains chargeable to Assam agricultural income-tax. en-us Tue, 24 Apr 1945 00:00:00 +0630 Tue, 24 Jan 2017 15:30:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189878 The Assam Agricultural Income-tax Act, 1939 taxes the agricultural portion of tea income as determined under the income-tax framework and Assam rules. A co-operative society's sales of tea to its members are treated as real sales in the ordinary legal sense, not as a company dealing with itself. Member payments are purchase prices, not contributions to a common fund, so the resulting surplus is trading profit. The mutuality principle does not apply where the receipts arise from such commercial transactions, and the agricultural component of tea business income remains chargeable to Assam agricultural income-tax. Case-Laws Income Tax Tue, 24 Apr 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=189878