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2024 (4) TMI 313 - AT - Income TaxDeduction u/s. 80P(2)(d) - interest income earned from other cooperative banks/societies - HELD THAT:- As relying on KSHATRIY GADKARI MARATHA COOPERATIVE CREDIT SOCIETY LTD [2019 (4) TMI 1932 - ITAT MUMBAI] and KALIANDAS UDYOG BHAVAN PREMISES CO-OP SOCIETY LTD. [2018 (4) TMI 1678 - ITAT MUMBAI] we hold that the assessee a cooperative society is eligible for deduction u/s. 80P(2)(d) of the Act in respect of the interest income earned by the assessee from either any other cooperative society or from a cooperative bank. Principle of mutuality - Club House income and expenditure - We need to recognize that the society is housing society and the club house services are offered only to the members of the society and we observe that AO has recognized only the receipt from the members as income and not allowed any related expenses. We are aware that housing co-op societies are running under mutuality concept. Therefore, the stand of the authorities are not proper. We direct the Assessing Officer to allow the expenses against the income under the mutuality concept. Accordingly, Grounds raised by the assessee are allowed.
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