https://www.taxtmi.com/caselaws?id=22938 Income derived by a co-operative banking society from letting out surplus space in its building was treated as rental income assessable under the head of property income, not as profits and gains attributable to the society's business activity. On that basis, the Kerala High Court held that the receipt did not qualify for exemption under section 80P(2)(c) of the Income-tax Act, 1961. The Court applied its earlier decision on the same legal question and answered the reference in favour of the Revenue, denying the assessee exemption for the rental income. en-us Tue, 28 Aug 1990 00:00:00 +0530 Tue, 15 Dec 2009 14:09:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22938 Income derived by a co-operative banking society from letting out surplus space in its building was treated as rental income assessable under the head of property income, not as profits and gains attributable to the society's business activity. On that basis, the Kerala High Court held that the receipt did not qualify for exemption under section 80P(2)(c) of the Income-tax Act, 1961. The Court applied its earlier decision on the same legal question and answered the reference in favour of the Revenue, denying the assessee exemption for the rental income. Case-Laws Income Tax Tue, 28 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22938