https://www.taxtmi.com/caselaws?id=65882 Rental income from letting surplus space in a co-operative credit society's building was treated as property income, not business income, because it was not shown to arise from carrying on the society's specified business activity. Section 80P(2)(a)(i) applies only to profits attributable to the co-operative society's eligible business, and mere ownership or letting of property does not satisfy that test. In the absence of any bye-law or statutory provision making building ownership or leasing part of the society's business, the exemption claim failed and the income remained taxable outside section 80P relief. en-us Wed, 29 Apr 1992 00:00:00 +0530 Sat, 19 Feb 2011 10:38:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65882 Rental income from letting surplus space in a co-operative credit society's building was treated as property income, not business income, because it was not shown to arise from carrying on the society's specified business activity. Section 80P(2)(a)(i) applies only to profits attributable to the co-operative society's eligible business, and mere ownership or letting of property does not satisfy that test. In the absence of any bye-law or statutory provision making building ownership or leasing part of the society's business, the exemption claim failed and the income remained taxable outside section 80P relief. Case-Laws Income Tax Wed, 29 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65882