2025 (7) TMI 39

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ted 30.06.2017 passed u/s. 143(3) of the Act. 2. Assessee has raised following grounds of appeal : "1. On the facts and in the circumstances of case and law, lower authorities erred in treating the surplus arising out of income expenditure account, a sum of Rs. 10,18,128 as business income of the assesse society and further erred in not applying the principal of mutuality without appreciating the fact that appellant society is housing co-operative society. 2. On the facts and in the circumstances of case and law, lower authorities have erred in denying the deduction under section 80P (2)(d) for sum of Rs. 5,50,370/- without appreciating the fact that said sum is received as an interest from other co-operative societies ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 5. On the other hand, Ld. Departmental Representative submitted that this is the second round of proceedings and stated that this issue has been raised for the first time before this Tribunal. 6. We have heard the rival contentions and perused the record placed before us. We observe that the assessee is a Cooperative Housing Society and declared gross total income of Rs. 15,65,984/- in the e-return for A.Y. 2015-16 filed on 10.02.2016 and after claiming deduction u/s. 80P of the Act has shown total income of Rs. 65,890/-. After the case been selected for Limited Scrutiny under CASS, assessment proceedings were carried out and ld. AO granted relief u/s. 80P(2)(c) of the Act at only Rs. 50,000/- and assessed the income at Rs. 15,18,450/-....