TMI Blog2007 (3) TMI 256X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income-tax Act, 1961, deals with the deduction in respect of income of co-operative societies. Sub clause (i) of clause (a) of sub-section (2) of section 80P provides for deduction in respect of- income of co-operative societies which are engaged in carrying on the business of banking or providing credit facilities to its members. The said sub-section clearly provides that only the banking busin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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. 21,578 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived the income from house property amounting to Rs.21,578. This income does not fall under the head "Income from business of banking" and as such it is liable to tax under the head "Income from house property". 4. In view of the above, the order passed by the Income-tax Officer is sustained and the orders passed by the Commissioner of Income-tax (Appeals) as well as by the Tribunal are here ..... X X X X Extracts X X X X X X X X Extracts X X X X
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