Addition towards interest income on fixed deposits eligible to set off against maintenance expense

Venus Parkland Co-Op. Housing Service Society Ltd Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that addition on account of interest income earned on fixed deposits from Banks and rental income earned by the Society are eligible to set off of maintenance expenses. Thus, addition deleted.

Facts- The assessee is Co-operative Housing Service Society formed for the purpose of maintenance and upkeepment of the residential apartment ‘Venus Parkland’. For the Asst. Year 2018-19, assessee filed its Return of Income on 23.07.2018 declaring Nil Income. The return wa

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