https://www.taxtmi.com/caselaws?id=61747 The Appellate Tribunal ITAT Cochin ruled in appeals concerning the deduction under section 80P(2)(c) of the Income-tax Act, 1961 for a cooperative society engaged in banking activities and letting out surplus space in a building. The tribunal held that income from letting out property cannot be considered "profits and gains" under clause (c) as it is not a business activity specified in clauses (a) and (b). The tribunal applied the rule of ejusdem generis and emphasized that clause (c) refers to profits and gains from activities other than those specified in clauses (a) and (b), ultimately denying the exemption claimed under clause (c). en-us Tue, 03 Jan 1984 00:00:00 +0530 Fri, 14 Jan 2011 16:27:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61747 The Appellate Tribunal ITAT Cochin ruled in appeals concerning the deduction under section 80P(2)(c) of the Income-tax Act, 1961 for a cooperative society engaged in banking activities and letting out surplus space in a building. The tribunal held that income from letting out property cannot be considered "profits and gains" under clause (c) as it is not a business activity specified in clauses (a) and (b). The tribunal applied the rule of ejusdem generis and emphasized that clause (c) refers to profits and gains from activities other than those specified in clauses (a) and (b), ultimately denying the exemption claimed under clause (c). Case-Laws Income Tax Tue, 03 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61747