What is “business transactions” as per co-operative societies Act?

 In the case at hand, that there was a single transaction
whereunder the respondents-sellers had agreed to sell to the
appellant-society a parcel of land to the society, for use by the
society in terms of the objects for which it is established. It may, in
that sense, be a transaction that touches the business of the
appellant-society but it is common ground that the respondents
were not in the business of selling land as a commercial or business
activity for it is nobody’s case that the respondents were property
dealers or had a land bank and were, as a systematic activity,
selling land to make money. If the respondents were agriculturists
who had agreed to sell agricultural land to the appellant-company,
the transaction was, from their point of view, not a “business
transaction”. For ought we know that transaction may have been
prompted by family necessity, poverty or some such other
compulsion. Such a transaction without any business element in the
same could not constitute a “business transaction” leave alone
“business transactions” within the meaning of Section 64(1)(c).
REPORTABLE
IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO.5704 OF 2015
(Arising out of SLP (C) No.36497of 2012)
Bhanushali Housing Cooperative Society Ltd. …Appellant
Vs.
Mangilal & Ors. …Respondents

T.S. THAKUR, J.
Citation;AIR 2015 SC 3016

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