2024 (7) TMI 1681

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....sessee : S/Shri Chaitanya Joshi & Deep Chauhan. For the Revenue : Smt. Mahita Nair, Sr. DR. ORDER PER SATBEER SINGH GODARA, J.M. This assessee's appeal, for assessment year 2018-2019, arises against National Faceless Appeal Centre [in short the "NFAC"] Delhi's Din and Order No. ITBA/NFAC/S/250/2023-24/ 1063623476(1), dated 29.03.2024, in proceedings u/s. 143(3) of the Income Tax A....

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....g deduction u/s. 80P of the Act. During the assessment proceedings, the AO held that the society had violated the principles of mutuality, that the provisions of section SOP were not applicable to a Coop. Housing Society that the assessee had made deposits out of money received against redevelopment agreement and from different channels, that same was not permissible under byelaws of the society, ....

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....that the restriction could be extended to other sub sections of section 80P(2), that there was no bar for claiming deduction under other sub sections of Section 80P(2)by a Co-op. Hsg. Society, that deductions could not be denied by observing that the society had breached the principle of mutuality or had violated the bye laws that till the society was registered as a CHS in the Register of the Reg....

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....ed violation of principle of mutuality or bye laws. In these circumstances, in our opinion the FAA has rightly held that deduction claimed by the assessee under sub-sections (d) and (c)(ii) cannot be denied the assessee. Upholding his order, we dismiss the ground raised by the AO. As a result, appeal filed by the assessee is partly allowed and the appeal of the AO is dismissed." 4. The....