https://www.taxtmi.com/caselaws?id=19177 The High Court of BOMBAY ruled in favor of the co-operative housing society, allowing the exemption of income derived from letting out shops to non-members under section 80P(2)(c) of the Income-tax Act, 1961. The Income-tax Appellate Tribunal's decision was upheld, setting aside the Income-tax Officer's initial rejection of the exemption claim. The Court clarified that income from letting out shops falls under clause (c) of sub-section (2) of section 80P, entitling the society to a deduction for profits and gains attributable to this activity. The judgment aligned with a previous ruling from the Gauhati High Court on similar grounds, ultimately granting the exemption within specified limits and not awarding costs. en-us Thu, 15 Dec 1994 00:00:00 +0530 Wed, 04 Nov 2009 14:05:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19177 The High Court of BOMBAY ruled in favor of the co-operative housing society, allowing the exemption of income derived from letting out shops to non-members under section 80P(2)(c) of the Income-tax Act, 1961. The Income-tax Appellate Tribunal's decision was upheld, setting aside the Income-tax Officer's initial rejection of the exemption claim. The Court clarified that income from letting out shops falls under clause (c) of sub-section (2) of section 80P, entitling the society to a deduction for profits and gains attributable to this activity. The judgment aligned with a previous ruling from the Gauhati High Court on similar grounds, ultimately granting the exemption within specified limits and not awarding costs. Case-Laws Income Tax Thu, 15 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19177