Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (4) TMI 784 - AT - Income TaxPrinciple of Mutuality - No one can make profit out of himself - Deduction for Co-operative Societies u/s 80P - Assessee is a co-operative housing society and has derived income by way of interest from Co.op. Bank, S.B. Account and fixed deposit. Assessee claimed deduction from such income u/s 80P of the Act. Since he had not filed any details, the AO denied the claim and treated it the as income. - HELD THAT :- Interest received by the assessee on the surplus funds is to be assessed under the head “income from other sources”, the decision of CIT(A) upheld. Decision of Hon’ble Supreme Court in the case of The Totgar's Co-operative Sale Society Ltd. [2010 (2) TMI 3 - SUPREME COURT] and Madras Cricket Club Versus Income-tax Officer [2009 (11) TMI 586 - MADRAS HIGH COURT] followed. Decided against the assessee.
|