https://www.taxtmi.com/caselaws?id=26012 The court held that profits earned from trading with members of a cooperative society were not exempt from taxation as income from mutual trading. The court found that the cooperative society was engaged in profit-making activities with both members and non-members, indicating a lack of identity between contributors and participators. As a result, the entire income, including profits from trading with members, was deemed taxable. The Tribunal's decision to tax these profits was upheld, and the references were decided in favor of the Revenue, with costs awarded against the assessee. en-us Tue, 10 Mar 1987 00:00:00 +0530 Tue, 02 Feb 2010 12:46:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26012 The court held that profits earned from trading with members of a cooperative society were not exempt from taxation as income from mutual trading. The court found that the cooperative society was engaged in profit-making activities with both members and non-members, indicating a lack of identity between contributors and participators. As a result, the entire income, including profits from trading with members, was deemed taxable. The Tribunal's decision to tax these profits was upheld, and the references were decided in favor of the Revenue, with costs awarded against the assessee. Case-Laws Income Tax Tue, 10 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26012