https://www.taxtmi.com/caselaws?id=39436 A co-operative society that buys paddy from its members, mills it into rice, and resells the rice is not engaged in marketing the agricultural produce of its members for the purpose of the exemption under section 14(3)(i)(c) of the Indian Income-tax Act, 1922. The exemption was confined to marketing members' agricultural produce as such; once the society purchased the paddy as a trader and converted it into a different commercial commodity, the resulting profit was business income and not exempt agricultural income. The broader construction of "agricultural produce" was rejected as inconsistent with the statutory scheme. en-us Mon, 06 Oct 1975 00:00:00 +0530 Fri, 16 Apr 2010 13:38:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39436 A co-operative society that buys paddy from its members, mills it into rice, and resells the rice is not engaged in marketing the agricultural produce of its members for the purpose of the exemption under section 14(3)(i)(c) of the Indian Income-tax Act, 1922. The exemption was confined to marketing members' agricultural produce as such; once the society purchased the paddy as a trader and converted it into a different commercial commodity, the resulting profit was business income and not exempt agricultural income. The broader construction of "agricultural produce" was rejected as inconsistent with the statutory scheme. Case-Laws Income Tax Mon, 06 Oct 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39436