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Co-operative Housing Society declared income from maintenance charges under 'Income from other sources' with deficit of Rs. 13,86,671/-. Rental and interest income also offered under same head. Section 70 and 71 allow set off of deficit against rental and interest income having nexus with society affairs. Collection from members for maintenance not taxable due to mutuality principle. Interest income arose from interest-free deposits invested in FDs. Rental income from letting common terrace area. Proceeds utilized for society maintenance. Net surplus of Rs. 73,520/- offered after 80P(2)(c)(ii) deduction. No bar on set off of maintenance deficit against rental and interest income attributable to society affairs. Revenue did not allege inflated expenses or tax avoidance. Surplus offered for taxation. Assessee's appeal allowed based on facts and Maruti Employees case.
Co-operative Housing Society declared income from maintenance charges under 'Income from other sources' with deficit of Rs. 13,86,671/-. Rental and interest income also offered under same head. Section 70 and 71 allow set off of deficit against rental and interest income having nexus with society affairs. Collection from members for maintenance not taxable due to mutuality principle. Interest income arose from interest-free deposits invested in FDs. Rental income from letting common terrace area. Proceeds utilized for society maintenance. Net surplus of Rs. 73,520/- offered after 80P(2)(c)(ii) deduction. No bar on set off of maintenance deficit against rental and interest income attributable to society affairs. Revenue did not allege inflated expenses or tax avoidance. Surplus offered for taxation. Assessee's appeal allowed based on facts and Maruti Employees case.
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