1990 (8) TMI 87 - HC - Income Tax

Summary

The High Court of Kerala ruled that a cooperative society is not entitled to claim exemption under section 80P(2)(c) of the Income-tax Act for income derived from letting out a portion of a building. This decision was based on a previous court ruling that such income is considered rental income and not profits and gains of an activity carried out by the society. The Income-tax Appellate Tribunal's decision was upheld in favor of the Revenue.