https://www.taxtmi.com/caselaws?id=35508 The court interpreted section 80P of the Income-tax Act, 1961, ruling that only income from banking activities is exempted for cooperative societies. As the assessee derived income from house property, not banking business, the exemption claim was denied. The Income-tax Officer's assessment was upheld, overturning the decisions of the Commissioner of Income-tax (Appeals) and the Tribunal. The court ruled in favor of the Department, concluding that the income from the house property is taxable under the head "Income from house property." en-us Fri, 09 Mar 2007 00:00:00 +0530 Fri, 12 Mar 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35508 The court interpreted section 80P of the Income-tax Act, 1961, ruling that only income from banking activities is exempted for cooperative societies. As the assessee derived income from house property, not banking business, the exemption claim was denied. The Income-tax Officer's assessment was upheld, overturning the decisions of the Commissioner of Income-tax (Appeals) and the Tribunal. The court ruled in favor of the Department, concluding that the income from the house property is taxable under the head "Income from house property." Case-Laws Income Tax Fri, 09 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35508