https://www.taxtmi.com/caselaws?id=39411 The court held that rice obtained after milling paddy remains agricultural produce. However, the society's claim for exemption under section 81(i)(c) of the Income-tax Act was rejected as the rice was deemed not to be the agricultural produce of its members. The court emphasized that the exemption applies to income arising from marketing the agricultural produce of members, not from the society's own trading activities. The Tribunal's decision in favor of the society was overturned, stating that income from selling rice milled from paddy purchased from members is not exempt under the Income-tax Act. en-us Mon, 04 Aug 1975 00:00:00 +0530 Fri, 16 Apr 2010 12:53:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39411 The court held that rice obtained after milling paddy remains agricultural produce. However, the society's claim for exemption under section 81(i)(c) of the Income-tax Act was rejected as the rice was deemed not to be the agricultural produce of its members. The court emphasized that the exemption applies to income arising from marketing the agricultural produce of members, not from the society's own trading activities. The Tribunal's decision in favor of the society was overturned, stating that income from selling rice milled from paddy purchased from members is not exempt under the Income-tax Act. Case-Laws Income Tax Mon, 04 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39411