Hoshiarpur Central Co-Operative Bank Ltd. vs Commissioner Of Income Tax
Whether profits earned by a co-operative bank from trading in controlled commodities with outsiders (non-members) are exempt from tax under the Government notification exempting 'profits of any co-operative society' --- Held Yes, such profits are exempt as the notification's language is wide enough to cover all business profits of a co-operative society, not restricted to transactions with members only.
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