- (1.) THIS order will dispose of Income-tax Reference No. 11 of 1975 (Punjab State Co-op. Supply and Marketing Federation Ltd. v. Commissioner of Income-tax), Income-tax Reference No. 92 (Punjab State Co-op. Supply and Marketing Federation v. Commissioner of Income-tax) and Income-tax Reference No. 93 of 1978 (Commissioner of Income-tax v. Punjab State Co-op. Supply and Marketing Federation ).
(2.) INCOME-TAX Reference No. 11 of 1975 relates to the assessment year 1963-64, whereas Income-tax References Nos. 92 and 93 of 1978 relates to the assessment year 1965-66.
(3.) THE brief facts giving rise to the references are that the assessee is a co-operative society registered under the Punjab Co-operative Societies Act, 1954 (since repealed) and having its head office at Chandigarh. It is engaged in various activities the income from some of which is taxable while from some others the income is not taxable under the Income-tax Act, 1961 (hereinafter referred to as "the Act" ).;