2007 (3) TMI 256

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.... 256(1) of the Income-tax Act, 1961, arising out of the order dated February 28, 1990, passed by the Tribunal, Bench (E), New Delhi. The dispute relates to the assessment year 1982-83. 2. Brief facts of the case giving rise to this appeal are that the assessee is a co-operative society engaged in the business of banking. The assessee for the assessment year in question showed income of Rs. 21,57....

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....fore, the following question of law has been sent to be answered by this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee's rental income was exempted under section 80P of the Income-tax Act, 1961? 3. We have heard learned counsel for the parties and perused the entire material available with us. Section 80P of the....