1993 (8) TMI 2 - SUPREME COURT

Co-operative Society - engaged in purchase of agricultural implements, seeds, livestock, etc., for supply to members - Since the "average rate" of income-tax is defined in s. 2(10), the deduction in income-tax to which a co-operative society doing the business envisaged u/s 81(i)(d) would be entitled, can only be the average rate of income-tax on the amount on which no income-tax is payable and nothing more.