1995 (1) TMI 50 - HC - Income Tax

Summary

The High Court of Madhya Pradesh dismissed the application filed by a multipurpose transport co-operative society regarding the deduction of house property income under section 80P(2)(c) of the Income-tax Act, 1961. The court held that income from letting out surplus space does not qualify as an activity under clause (c) and therefore is not entitled to deduction. The court referred to a similar decision by the High Court of Kerala and emphasized that the law is clear on this matter. The petition was dismissed as the court found no question of law to be addressed.