1995 (1) TMI 50

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....was delivered by U. L. BHAT C. J.--The assessee has filed this application under section 256(2) of the Income-tax Act, 1961 (for short, "the Act"). The applicant is a multipurpose transport co-operative society. Its sole activity is plying stage carriage buses on hire. The society has a building, a part of which has been let out and it is deriving house rent also. The assessment year concern....

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....lates to deduction in respect of income of co-operative societies. Sub-section (2)(a) relates to co-operative societies engaged in activities specified in sub-clauses (i) to (vii). In these cases, the whole of the amount of profits and gains of business attributable to any one or more such activities is to be deducted from the total income. Section 80P(2)(b) relates to co-operative societies, b....

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....ed by a direct decision of the High Court of Kerala in Kottayam Co-operative Land Mortgage Bank Ltd. v. CIT [1988] 172 ITR 443, decided by K. S. Paripoornan and M. Fathima Beevi JJ., as they then were. The case related to the co-operative land mortgage bank which, besides the income from its activities, derived income from letting out the surplus space of the building. It was held that the activit....