https://www.taxtmi.com/caselaws?id=16936 Rebate paid to members was treated as a trading adjustment where it was intrinsically linked to purchases and formed part of the sales arrangement under the society's bye-laws and government orders. Because the rebate operated to reduce the real sale price and the trading receipts, it was deductible in computing business income and not a mere post-profit appropriation. The same reasoning meant the rebate was not a distribution of profits to members under the co-operative framework, but an adjustment made in determining the society's trading profits. en-us Fri, 27 Mar 1998 00:00:00 +0530 Mon, 14 Sep 2009 11:46:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16936 Rebate paid to members was treated as a trading adjustment where it was intrinsically linked to purchases and formed part of the sales arrangement under the society's bye-laws and government orders. Because the rebate operated to reduce the real sale price and the trading receipts, it was deductible in computing business income and not a mere post-profit appropriation. The same reasoning meant the rebate was not a distribution of profits to members under the co-operative framework, but an adjustment made in determining the society's trading profits. Case-Laws Income Tax Fri, 27 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16936