https://www.taxtmi.com/caselaws?id=9303 A co-operative society's transfer of 75% of profits to reserve under a bye-law was treated as an application of income, because the obligation arose only after income had accrued and there was no diversion at source by overriding title. Profit from purchase, hulling and sale of paddy and rice was not exempt as income from marketing members' agricultural produce, since rice was a separate marketable commodity and hulling was not a process ordinarily employed by a cultivator to make the produce fit for market. Donation to a co-operative training institute qualified for exemption under section 15B(2)(v), because the recipient institution satisfied the statutory character required for the relief. en-us Fri, 09 Mar 1973 00:00:00 +0530 Sun, 21 Jun 2009 18:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9303 A co-operative society's transfer of 75% of profits to reserve under a bye-law was treated as an application of income, because the obligation arose only after income had accrued and there was no diversion at source by overriding title. Profit from purchase, hulling and sale of paddy and rice was not exempt as income from marketing members' agricultural produce, since rice was a separate marketable commodity and hulling was not a process ordinarily employed by a cultivator to make the produce fit for market. Donation to a co-operative training institute qualified for exemption under section 15B(2)(v), because the recipient institution satisfied the statutory character required for the relief. Case-Laws Income Tax Fri, 09 Mar 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9303