Supreme Court · 1967 INSC 156 · Decided 19 July 1967
Madras Co-Operative Central Land Mortgage Bank LTD. v. Commissioner of Income-Tax, Madras
- Court
- Supreme Court of India
- Citation
- 1967 INSC 156 · [1968] 1 S.C.R. 30
- Case number
- CIVIL APPEAL No. 1975/1966
- Decided
- 19 July 1967
- Bench
- J.C. SHAH, S.M. SIKRI, V. RAMASWAMI (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 8
Headnote
Indian Income-tax Act (11 of 1922), ss. 8. Explanation and 14(3}­ Cooperative Society not doing banking business-Interest from gov• er11ment securities-Apportionment of income under taxable and non-taxable heads. I The Income-tax Act, 1922, as originally enacted did not give to a 0 of tax in respect of income from its bu9iness activities. By departmental 'instructions issued under s. 60 of the Act, exemption from payment of tax in res­ pect of certain receipts of a cc-operative society were given. The notification provided in1er alia that as regards interest received by
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