https://www.taxtmi.com/caselaws?id=36761 The High Court of Punjab and Haryana, in a judgment delivered by Judge S. P. Goyal, ruled that income derived by a trade association from specific services performed for its members is taxable under the head 'Profits and gains of business or profession' as per Section 28(iii) of the Income Tax Act. The court held that the activities of the union, formed by truck owners to regulate truck operations and avoid competition, constituted trading as it procured business for members and earned income from customer discounts. The court disagreed with the Tribunal's view and upheld the taxability of the union's income. en-us Mon, 21 Jan 1980 00:00:00 +0530 Wed, 24 Mar 2010 13:11:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36761 The High Court of Punjab and Haryana, in a judgment delivered by Judge S. P. Goyal, ruled that income derived by a trade association from specific services performed for its members is taxable under the head 'Profits and gains of business or profession' as per Section 28(iii) of the Income Tax Act. The court held that the activities of the union, formed by truck owners to regulate truck operations and avoid competition, constituted trading as it procured business for members and earned income from customer discounts. The court disagreed with the Tribunal's view and upheld the taxability of the union's income. Case-Laws Income Tax Mon, 21 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36761