https://www.taxtmi.com/caselaws?id=432048 The tribunal ruled in favor of the appellant, a Co-operative Housing Society, regarding the taxability of interest income from bank deposits funded by maintenance deposits. The tribunal held that the interest income falls under the principle of mutuality, exempting it from taxation. The appellant was recognized as a Co-operative Housing Maintenance Society, and deductions under Section 80P(2)(c) were granted. The appeal was partially allowed, emphasizing the non-taxability of interest income and upholding the appellant's status. en-us Fri, 23 Dec 2022 00:00:00 +0530 Mon, 26 Dec 2022 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432048 The tribunal ruled in favor of the appellant, a Co-operative Housing Society, regarding the taxability of interest income from bank deposits funded by maintenance deposits. The tribunal held that the interest income falls under the principle of mutuality, exempting it from taxation. The appellant was recognized as a Co-operative Housing Maintenance Society, and deductions under Section 80P(2)(c) were granted. The appeal was partially allowed, emphasizing the non-taxability of interest income and upholding the appellant's status. Case-Laws Income Tax Fri, 23 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432048