https://www.taxtmi.com/caselaws?id=13642 The court determined that the assessee-society, a co-operative entity engaged in trading essential commodities, was not entitled to deductions under section 80P(2)(e) of the Income-tax Act. The income in question was from trading activities, not from letting out godowns or warehouses. Consequently, the AO was instructed to recompute the income, granting deductions solely for expenses related to hiring godowns and depreciation on owned godowns as business assets. The appeals were allowed, overturning the orders of the Tribunal and Commissioner (Appeals), with no order as to costs. en-us Thu, 02 Nov 2006 00:00:00 +0530 Sat, 02 Mar 2024 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13642 The court determined that the assessee-society, a co-operative entity engaged in trading essential commodities, was not entitled to deductions under section 80P(2)(e) of the Income-tax Act. The income in question was from trading activities, not from letting out godowns or warehouses. Consequently, the AO was instructed to recompute the income, granting deductions solely for expenses related to hiring godowns and depreciation on owned godowns as business assets. The appeals were allowed, overturning the orders of the Tribunal and Commissioner (Appeals), with no order as to costs. Case-Laws Income Tax Thu, 02 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13642