AMAR AMBIENCE SAHKARI GRUHRACHNA SANSTHA MARYADIT,PUNE vs. ITO WARD 7(1), PUNE

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ITA 84/PUN/2020Status: DisposedITAT Pune28 July 2022AY 2015-163 pages
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What did the Tribunal hold?

The Tribunal held that the principle of mutuality, as established by the Supreme Court, does not apply to interest income earned from fixed deposits with nationalized banks. However, it allowed the assessee an opportunity to prove any deductible expenditure related to this interest income.

What were the facts?

The assessee, a cooperative housing society, claimed interest income from bank deposits as not taxable due to mutuality. The lower authorities disallowed this claim, treating it as income from other sources.

What were the issues?

Whether interest income earned by a cooperative housing society from bank deposits is taxable, and if the principle of mutuality applies. Whether expenses incurred in relation to such interest income are deductible.

Which sections of the Income-tax Act were involved?

Section 57

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Income Tax Appellate Tribunal, PUNE BENCH “SMC”, PUNE

Before: SHRI S. S. GODARA

For Appellant: Shri Kishor B. Phadke
For Respondent: Shri M. G. Jasnani
Hearing: 28.07.2022Pronounced: 28.07.2022

ORDER

PER S. S. GODARA, JM:

1.

This assessee’s appeal for assessment year 2015-16 arises against the CIT(A)-5, Pune’s order dated 03.10.2019 passed in case no.PN/CIT(A)-5/ITO, Ward 7(1), Pune/10202/2017-18 involving proceedings u/s 143(3) of the Income Tax Act, 1961; in short “the Act”. Heard both the parties. Case file perused.

2.

The assessee raises the following substantive grounds in the instant appeal :- “1. The learned CIT(A) erred in law and on facts in confirming the total income of the appellant at Rs. 31,18,830/- instead of the returned income of Rs. 5,34,820/-.

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