https://www.taxtmi.com/caselaws?id=38512 A co-operative housing society's income from houses constructed and allotted on hire-purchase terms was treated as outside the exemption exception for income from investment in property under the 25 August 1925 notification. The Madras HC noted that the notification broadly exempted profits of qualifying co-operative societies, subject only to the specified exceptions in the Explanation. Because the society's activity was aimed at relieving housing shortage and allotting houses to members, the receipts were not income from investment in property in the statutory sense, even if legal title remained with the society until final instalment and conveyance. The income therefore remained within the exemption. en-us Wed, 11 Aug 1976 00:00:00 +0530 Tue, 06 Apr 2010 18:01:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38512 A co-operative housing society's income from houses constructed and allotted on hire-purchase terms was treated as outside the exemption exception for income from investment in property under the 25 August 1925 notification. The Madras HC noted that the notification broadly exempted profits of qualifying co-operative societies, subject only to the specified exceptions in the Explanation. Because the society's activity was aimed at relieving housing shortage and allotting houses to members, the receipts were not income from investment in property in the statutory sense, even if legal title remained with the society until final instalment and conveyance. The income therefore remained within the exemption. Case-Laws Income Tax Wed, 11 Aug 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38512