TaxTMI 
TaxTMI 
2025 (5) TMI 1650
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....sment years (AYs) 2018-19 and 2019-20 respectively. Since the facts and grounds raised by the appellant are similar, with consent of parties, both cases were heard together and a common order is passed for sake of convenience and brevity. ITA No. 1887/Mum/2025 is taken as the 'lead case'. 2. The grounds of appeal raised by the assessee in ITA No. 1887/Mum/2025 are as under: "1. The learned CIT Appeal, in the facts and circumstances of the case failed to appreciate that non-correction of mismatched in column number 1 and 3 of the schedule attached with the return of income. The disallowance of Rs. 8,00,142/-arising out of principals of mutuality is not acceptable. 2. The learned CIT(A) while accepting exempt income of the appellant out ....
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....n u/s 80P(2)(d) of the Act. He, however, did not allow any relief in respect of addition of Rs. 8,00,142/- towards business income. The appellant in its submission had stated that it was a registered cooperative society and it had fulfilled all the conditions of the test of mutuality, as the investment utilized specifically are for the purpose for which it was created, which is furtherance of objectives and aims of association and nothing else. All the conditions in respect of test of mutuality are satisfied by the assessee. The CIT(A) did not accept the contention of the assessee by stating that in its submission, the appellant has not mentioned anything about the mismatches and mistakes of reporting figures in different columns of ITR. 5....
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....ry of an Association of Persons (AOP) which is a group of individuals (whether incorporated or not) who get together with a common purpose and have a legal entity. Under the Co-operative Societies Act, housing societies are granted a separate legal existence. But, not all income earned by the housing societies is taxable. Section 80P of the Act applies to Co-operative Housing Societies, providing rules of deduction in respect of income of cooperative societies. While the housing society has a number of sources that bring in finances, not all of their earnings are taxable. Their income can be roughly divided into two categories, i.e., (i) income that comes from the members and (ii) the income which comes from non-members. The main source of ....