https://www.taxtmi.com/caselaws?id=380276 The ITAT Hyderabad allowed both appeals concerning a cooperative society's interest income taxability. It recognized the interest as surplus, applicable for the society's main purpose, deleting the addition. The ITAT permitted set off of expenditure against interest income, emphasizing the real link between them. The society's mutual concept and charitable objectives led to the conclusion that interest income was a capital receipt, not taxable. The judgments underscored the society's mutual activities, utilization of interest income for projects, and the incidental nature of interest earnings in providing affordable housing. en-us Wed, 15 May 2019 00:00:00 +0530 Thu, 16 May 2019 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380276 The ITAT Hyderabad allowed both appeals concerning a cooperative society's interest income taxability. It recognized the interest as surplus, applicable for the society's main purpose, deleting the addition. The ITAT permitted set off of expenditure against interest income, emphasizing the real link between them. The society's mutual concept and charitable objectives led to the conclusion that interest income was a capital receipt, not taxable. The judgments underscored the society's mutual activities, utilization of interest income for projects, and the incidental nature of interest earnings in providing affordable housing. Case-Laws Income Tax Wed, 15 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380276