SHRI NEHRUNAGAR CO-OP. HOUSING SOCIETY,SURAT vs. INCOME TAX OFFICER, WARD-1(3)(5), SURAT
In the result, the grounds of appeal raised by the assessee are allowed
ITA 507/SRT/2023[2016-17]Status: DisposedITAT Surat31 Oct 2023AY 2016-17
Bench: Dr. A. L. Sainiआयकर अपील सं./Ita No.507/Srt/2023 Assessment Year: (2016-17) (Physical Hearing) Shri Nehrunagar Co.Op. Housing Vs. The Ito, Society, Ward – 1(3)(5), Umang Hall, Nehrunagar Society, Surat Ichchanath Road, Surat – 395007. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabas2271H (Appellant) (Respondent)
Section 143(2)Section 143(3)Section 271(1)(c)Section 57Section 80P(2)Section 80P(2)(d)Section 80P(4)
depreciation amount of Rs.7,26,434/- already disallowed and added back by the assessee is reduced from disallowed expense of Rs.
35,77,519/-. This results in disallowed expense being limited to Rs.28,51,085/-. Since, the assessee is Co-Operative Housing Society, hence, these expenses are eligible for deduction from income of the society as per the objectives