https://www.taxtmi.com/caselaws?id=271915 The ITAT Mumbai allowed the assessee's appeal on two issues. First, it held that non-occupancy charges collected under the society's byelaws are contributions for mutual benefit and not taxable, following the Bombay HC precedent, thus deleting the addition made by the revenue. Second, the tribunal granted the deduction under section 80(P)(2)(d) for interest income earned on deposits with other cooperative banks, distinguishing it from income assessed as other sources per SC rulings. Consequently, the ITAT reversed the CIT(A)'s order and allowed the deduction of Rs. 14,88,107, deciding both issues in favor of the assessee. en-us Fri, 15 Jan 2016 00:00:00 +0530 Thu, 24 Jul 2025 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271915 The ITAT Mumbai allowed the assessee's appeal on two issues. First, it held that non-occupancy charges collected under the society's byelaws are contributions for mutual benefit and not taxable, following the Bombay HC precedent, thus deleting the addition made by the revenue. Second, the tribunal granted the deduction under section 80(P)(2)(d) for interest income earned on deposits with other cooperative banks, distinguishing it from income assessed as other sources per SC rulings. Consequently, the ITAT reversed the CIT(A)'s order and allowed the deduction of Rs. 14,88,107, deciding both issues in favor of the assessee. Case-Laws Income Tax Fri, 15 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271915