https://www.taxtmi.com/caselaws?id=37990 Income exempt under section 14(3) of the Indian Income-tax Act, 1922 still had to be included in computing total income under section 16(1)(a), because the statute distinguished between income excluded from computation and income exempt only from tax liability for rate purposes. The business income of the co-operative society therefore could not be omitted merely due to exemption, and the computation had to bring that income into the total income base. The issue was decided against the assessee and in favour of the Revenue. en-us Wed, 16 Nov 1977 00:00:00 +0530 Fri, 02 Apr 2010 14:18:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37990 Income exempt under section 14(3) of the Indian Income-tax Act, 1922 still had to be included in computing total income under section 16(1)(a), because the statute distinguished between income excluded from computation and income exempt only from tax liability for rate purposes. The business income of the co-operative society therefore could not be omitted merely due to exemption, and the computation had to bring that income into the total income base. The issue was decided against the assessee and in favour of the Revenue. Case-Laws Income Tax Wed, 16 Nov 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37990