TaxTMI 
TaxTMI 
2013 (4) TMI 784
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....gainst order dated 2.11.2011 of ld CIT(A)-30, Mumbai on the following grounds: "1. On the facts and in the circumstances of the case and in law, ld CIT(A) erred in dismissing the admitted claim of the assessee in respect of interest earnings on saving with co.o.Bank account under section 80P (under the principle of mutuality) of the Income tax act, 1961 which is generated out of operational incom....
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....very from members as part of society earnings. Assessee claimed deductions of their income from interest on saving bank accounts and interest on fixed deposit and receipt of transfer fee by invoking provisions of section 80P of the Act. AO also noticed that the expenses incurred by the assessee under various heads has been debited to the income and expenditure account against which assessee has re....
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....nder the head income from other sources and hence, it is taxable u/s.56 of the Act, confirmed the addition of Rs. 3,27,101 made by the AO. Hence, this appeal before the Tribunal. 4. At the time of hearing, ld A.R. submitted that the fund was generated out of contribution received from the members to run the affairs of the society. He submitted that interest received on operational funds of the so....
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....ars Co-operative Sale Society Ltd (supra) held that interest from bank deposits and government securities fall under the head "income from other sources" and it cannot fall within the expression "profit and gains of business". It is also held that such interest income cannot be said to be attributable to the activities of the society and interest income accruing to the society does not qualify for....