The relevant portion of that Notification, C.B.R. Notification No. 35 dated October 20, 1934, and No. 33 dated August 18, 1945, 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 Co operative Society other than the Sanikatta Salt Owners ' Society in the Bombay Presidency for the time being registered under the (Act II of 1912), the Bombay Co operative Societies Act, 1925 (Bombay Act VII of 1925), or the Madras Cooperative Societies Act, 1932 (Madras Act VI of 1932), or the dividends or other payments received by the members of any such Society out of such profits.