https://www.taxtmi.com/caselaws?id=771515 The SC/HC affirmed the tax tribunal's decision regarding a cooperative society's income from a housing project. The court ruled that: (1) the society does not qualify as an "authority" for tax exemption under section 10(20A), (2) project income is business income, not capital gains, (3) interest income is not eligible for deduction under section 80P, and (4) no expenditure apportionment is permitted. The income is thus taxable as business income. en-us Wed, 23 Apr 2025 00:00:00 +0530 Tue, 27 May 2025 08:32:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771515 The SC/HC affirmed the tax tribunal's decision regarding a cooperative society's income from a housing project. The court ruled that: (1) the society does not qualify as an "authority" for tax exemption under section 10(20A), (2) project income is business income, not capital gains, (3) interest income is not eligible for deduction under section 80P, and (4) no expenditure apportionment is permitted. The income is thus taxable as business income. Case-Laws Income Tax Wed, 23 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771515