Deduction in respect of income of co-operative societies.

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....e said sub-section shall, in accordance with and subject to the provisions of this section, be allowed as deduction in computing the total income of such assessee. (2) The sums referred to in sub-section (1) shall be the following:- (a) in the case of a co-operative society engaged in- (i) carrying on the business of banking or providing credit facilities to its members; or ....

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....more of such activities; (b) in the case of a co-operative society, being a primary society engaged in supplying milk, oilseeds, fruits, or vegetables raised or grown by its members to-- (i) a federal co-operative society, engaged in the business of supplying milk, oilseeds, fruits or vegetables; or (ii) the Government or a local authority; or (iii) a Government....

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....way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income; (e) in respect of any income by derived by the co-operative society from the letting of godowns or warehouses for storage, processing, or facilitating the marketing of commodities, the whole of such income; (f) in the case of a co-op....

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....ll apply when the rules and bye-laws of the society restrict the voting rights to the following classes of members:- (i) the individuals who contribute their labour or carry on fishing or allied activities; or (ii) the co-operative credit societies which provide financial assistance to the society; or (iii) the State Government. (4) The deduction under sub-section (1)....