1990 (8) TMI 87

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... tax Appellate Tribunal has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee co-operative society is not entitled to claim exemption under section 80P(2)(c) of the Income-tax Act, 1961, with regard to the income from letting out a portion of the building belongin .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 18, 1980. The Appellate Tribunal held that the income from letting out a portion of the building was only income from house property and it could not be termed as profits and gains of an activity contemplated by section 80P(2)(c) of the Act. It is thereafter at the instance of the assessee that the Income-tax Appellate Tribunal has referred the question of law formulated hereinabove for the decis .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ding that the assessee is not entitled to exemption under section 80P(2)(c) of the Act with regard to the income derived by it by letting out a portion of the building owned by the society. We answer the question referred to this court in the affirmative, against the assessee and in favour of the Revenue. A copy of this judgment under the seal of this court and the signature of the Registrar wil .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X