Case Law Details
Oberoi Spring Co–operative Housing Society Limited Vs ITO (ITAT Mumbai)
ITAT Mumbai held that deduction under section 80P(2)(d) is allowable on the entire interest income received by the assessee from the Co-operative bank which includes the amount credited to the balance sheet.
Facts- The assessee is a co-operative housing society, a non-profit making entity, formed with the objective of maintaining and protecting building occupied by its members.
The return of income filed by the assessee was selected for scrutiny and statutory notices u/s. 143(2) and section 142(1) along with the questionnaire were issued and served on the assessee. AO vide order dated 30/12/2018 passed u/s. 143(3) of the Act disallowed the deduction claimed by the assessee u/s. 80P(2)(d) of the Act in respect of interest income of Rs.54,74,228 received from Co-operative Bank and disclosed in the return of income. AO also disallowed the interest income of Rs.1,45,16,552 directly credited by the assessee to the Reserves and Surplus in the balance sheet as per the Co-operative Societies Act.
CIT(A) vide impugned order granted the relief in respect of interest income of Rs.54,74,228 claimed as deduction under section 80P(2)(d) of the Act. Being aggrieved, assessee preferred the present appeal.
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I purchased units under uti mutual fund MEP 1995 in 1995 and redeemed them in Nov 2022. Is the profit earned on redemption totally taxable if so at what rate