ITAT Ahmedabad Deletes 8% Addition on Housing Society Loans from non-members

Parkland Avenue Co. Op. Housing Society Limited Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad recently ruled in favor of Parkland Avenue Co. Op. Housing Society Limited, allowing its appeal against an addition of ₹47,85,920 made by the Assessing Officer (AO) based on assumed profits from advances received from non-members. The case, which pertains to the assessment year 2019-20, highlights critical issues regarding the taxation of cooperative societies and the interpretation of income-generating activities. Background of the Case The appeal was filed against an o...