was: “The following classes of income shall be exempt from the tax payable under the said Act, but shall be taken into account in determining the total income of an assessee for the purpose of the said Act: *** (2) The profits of any cooperative society other than the Sanikatta Salt Owners' Society in the Bombay Presidency for the time being registered under the Cooperative Societies Act, 1912 (Act 2 of 1912), the Bombay Cooperative Societies Act, 1925 (Bombay Act 7 of 1925), or the Madras Cooperative Societies Act, 1932 (Madras Act 6 of 1932), or the dividends or other payments received by the members of any such society out of such profits. Explanation : For this purpose the profits of a cooperative society shall not be deemed to include any income, profits or gains from: (1) Investments in (a) securities of the nature referred to in Section 8 of the Indian Income Tax Act; or (b) property of the nature referred to in Section 9 of that Act; (2) dividends, or Civil Appeal No.3291­3294