https://www.taxtmi.com/caselaws?id=49564 The article construes Item (2) of the 1925 Notification to confirm that "profits of any co-operative society" include business profits from trading in controlled commodities where the society lawfully extends business to non-members with prior statutory or registrar approval; the Explanation aligning the Notification with Income-tax classification indicates that profits are not confined to member-only transactions. Operatively, where a registered co-operative bank obtains the requisite approval to trade with outsiders, those trading profits fall within the Notification's general words and are exempt from income-tax under Item (2). en-us Tue, 02 Aug 1960 00:00:00 +0530 Tue, 02 Sep 2014 20:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49564 The article construes Item (2) of the 1925 Notification to confirm that "profits of any co-operative society" include business profits from trading in controlled commodities where the society lawfully extends business to non-members with prior statutory or registrar approval; the Explanation aligning the Notification with Income-tax classification indicates that profits are not confined to member-only transactions. Operatively, where a registered co-operative bank obtains the requisite approval to trade with outsiders, those trading profits fall within the Notification's general words and are exempt from income-tax under Item (2). Case-Laws Income Tax Tue, 02 Aug 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49564