https://www.taxtmi.com/caselaws?id=25058 The High Court ruled against the co-operative society, denying their claim for exemption under section 80P(2)(c) of the Income-tax Act for income from letting out property. The court held that income from property rental did not qualify as profits and gains under clause (c) and was not directly connected to the society's core operational activities. The judgment clarified that exemption under clause (c) is supplementary to exemptions under clauses (a) and (b), with specific limits on profits from activities outside of clause (a). The decision favored the Revenue, and the case will proceed to the Income-tax Appellate Tribunal, Cochin Bench for further action. en-us Fri, 09 Oct 1987 00:00:00 +0530 Mon, 25 Jan 2010 11:18:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25058 The High Court ruled against the co-operative society, denying their claim for exemption under section 80P(2)(c) of the Income-tax Act for income from letting out property. The court held that income from property rental did not qualify as profits and gains under clause (c) and was not directly connected to the society's core operational activities. The judgment clarified that exemption under clause (c) is supplementary to exemptions under clauses (a) and (b), with specific limits on profits from activities outside of clause (a). The decision favored the Revenue, and the case will proceed to the Income-tax Appellate Tribunal, Cochin Bench for further action. Case-Laws Income Tax Fri, 09 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25058