1979 (2) TMI 91

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..... --The assessee is a co-operative society carrying on the business of supply of sugarcane. For the assessment year 1973-74, it claimed exemption of its income from securities under cl. (c) of s. 80P(2) of the I.T. Act. The Tribunal accepted the claim of the assessee. The question of law referred for our opinion is whether the income of the assessee by way of interest in Government securities is exe .....

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..... The expression " attributable to " suggests that the legislature intended to cover receipts from sources other than the actual conduct of the business of the assessee. The investment of the statutory percentage of its profits in Government securities was a condition of the carrying on of the business. The profits or gains from such investments were connected with or incidental to the carrying on o .....

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