https://www.taxtmi.com/caselaws?id=56344 Income from supply of fertilizers, insecticides, seeds and farm fuel to members qualified for co-operative deduction as articles intended for agriculture; godown rent for storage of agricultural produce also qualified, and compulsory contribution to the State Education Fund was allowable as a statutory liability. Rebate or discount on sales was left open for verification because the record was incomplete. Interest from the co-operative marketing federation was deductible only on a net basis, while related claims on credit-linked interest were rejected. Bonus paid to employees was allowable as business expenditure, and the late-filing penalty was cancelled because reasonable cause and bona fide belief were shown. en-us Mon, 15 Jul 1991 00:00:00 +0530 Fri, 03 Dec 2010 11:54:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56344 Income from supply of fertilizers, insecticides, seeds and farm fuel to members qualified for co-operative deduction as articles intended for agriculture; godown rent for storage of agricultural produce also qualified, and compulsory contribution to the State Education Fund was allowable as a statutory liability. Rebate or discount on sales was left open for verification because the record was incomplete. Interest from the co-operative marketing federation was deductible only on a net basis, while related claims on credit-linked interest were rejected. Bonus paid to employees was allowable as business expenditure, and the late-filing penalty was cancelled because reasonable cause and bona fide belief were shown. Case-Laws Income Tax Mon, 15 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56344