https://www.taxtmi.com/caselaws?id=56165 A co-operative society's year-end payment to member societies was treated as part of the milk purchase price, not a distribution of profits, where provisional rates were later adjusted under a continuing commercial arrangement. Group insurance premium was allowed because it had a direct business nexus in securing milk supply. Professional fees were partly disallowed under section 80VV to the extent referable to covered proceedings, while a 90% deduction under section 80P(2)(e) was upheld for storage charges on an estimated 10% attributable expense. Interest under sections 215 and 216 was found not leviable on the facts, and the reserve fund issue under section 67 of the Gujarat Co-operative Societies Act required fresh examination. en-us Tue, 20 Mar 1990 00:00:00 +0530 Thu, 02 Dec 2010 10:26:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56165 A co-operative society's year-end payment to member societies was treated as part of the milk purchase price, not a distribution of profits, where provisional rates were later adjusted under a continuing commercial arrangement. Group insurance premium was allowed because it had a direct business nexus in securing milk supply. Professional fees were partly disallowed under section 80VV to the extent referable to covered proceedings, while a 90% deduction under section 80P(2)(e) was upheld for storage charges on an estimated 10% attributable expense. Interest under sections 215 and 216 was found not leviable on the facts, and the reserve fund issue under section 67 of the Gujarat Co-operative Societies Act required fresh examination. Case-Laws Income Tax Tue, 20 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56165