https://www.taxtmi.com/caselaws?id=276973 A fiscal exemption for the profits of a co-operative society was construed as limited to business profits in their ordinary commercial sense, not to all receipts treated as income under the Income-tax Act. Interest on securities and property income were separately chargeable under distinct heads and were not automatically exempt, but could qualify if, on the facts, they formed part of the society's business profits. The society, as claimant to exemption, bore the burden of proving that the disputed receipts fell within the notified profits. The exemption therefore depended on the factual character of the receipts before it could be applied. en-us Thu, 13 Jul 1933 00:00:00 +0530 Wed, 21 Nov 2018 14:29:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276973 A fiscal exemption for the profits of a co-operative society was construed as limited to business profits in their ordinary commercial sense, not to all receipts treated as income under the Income-tax Act. Interest on securities and property income were separately chargeable under distinct heads and were not automatically exempt, but could qualify if, on the facts, they formed part of the society's business profits. The society, as claimant to exemption, bore the burden of proving that the disputed receipts fell within the notified profits. The exemption therefore depended on the factual character of the receipts before it could be applied. Case-Laws Income Tax Thu, 13 Jul 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276973