https://www.taxtmi.com/caselaws?id=756404 ITAT allowed the appeal, holding that the cooperative housing society could set off the deficit from shortfall in maintenance collections against its interest and rental income. The Tribunal found interest and rent had nexus and attributability to the society's activities (investments of member deposits and letting of common areas) and proceeds were used for society maintenance. Deduction u/s 80P was considered and no adverse finding about bogus or inflated maintenance expenses was recorded. The net surplus declared was properly taxable after allowed deductions, and the appeal was allowed. en-us Tue, 30 Jul 2024 00:00:00 +0530 Wed, 03 Sep 2025 15:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756404 ITAT allowed the appeal, holding that the cooperative housing society could set off the deficit from shortfall in maintenance collections against its interest and rental income. The Tribunal found interest and rent had nexus and attributability to the society's activities (investments of member deposits and letting of common areas) and proceeds were used for society maintenance. Deduction u/s 80P was considered and no adverse finding about bogus or inflated maintenance expenses was recorded. The net surplus declared was properly taxable after allowed deductions, and the appeal was allowed. Case-Laws Income Tax Tue, 30 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756404