https://www.taxtmi.com/caselaws?id=39304 The High Court of Orissa ruled that income derived by a co-operative society from interest on securities and fixed deposits qualified for exemption under section 81 of the Income-tax Act, 1961. The Income-tax Appellate Tribunal, guided by legal principles, considered the income as part of the business profits of the assessee. The High Court upheld the Tribunal's decision, stating that the income fell within the scope of business profits and was eligible for exemption. The judgment was delivered by R. N. Mishra J., with N. K. Das J. concurring, and no costs were awarded. en-us Mon, 05 Apr 1976 00:00:00 +0530 Thu, 15 Apr 2010 14:02:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39304 The High Court of Orissa ruled that income derived by a co-operative society from interest on securities and fixed deposits qualified for exemption under section 81 of the Income-tax Act, 1961. The Income-tax Appellate Tribunal, guided by legal principles, considered the income as part of the business profits of the assessee. The High Court upheld the Tribunal's decision, stating that the income fell within the scope of business profits and was eligible for exemption. The judgment was delivered by R. N. Mishra J., with N. K. Das J. concurring, and no costs were awarded. Case-Laws Income Tax Mon, 05 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39304