https://www.taxtmi.com/caselaws?id=62183 The Tribunal ruled in favor of the Department, holding that the co-operative society was not entitled to the exemption claimed under Sec. 80P(2)(c) of the IT Act for the relevant assessment years. The Tribunal determined that the income from letting out property did not qualify as 'profits and gains' under the section, emphasizing that such income must align with business activities specified in other clauses of Sec. 80P. The Tribunal rejected the broader interpretation advocated by the assessee, concluding that the specific language of the provision limited the scope of deductions for co-operative societies. en-us Tue, 03 Jan 1984 00:00:00 +0530 Tue, 18 Jan 2011 14:13:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62183 The Tribunal ruled in favor of the Department, holding that the co-operative society was not entitled to the exemption claimed under Sec. 80P(2)(c) of the IT Act for the relevant assessment years. The Tribunal determined that the income from letting out property did not qualify as 'profits and gains' under the section, emphasizing that such income must align with business activities specified in other clauses of Sec. 80P. The Tribunal rejected the broader interpretation advocated by the assessee, concluding that the specific language of the provision limited the scope of deductions for co-operative societies. Case-Laws Income Tax Tue, 03 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62183