Interest Income of Welfare Society Must Be Set Off Against Member Benefits Payments: ITAT Delhi

All India Oriental Bank of Employees Welfare Society Vs ITO (Exemption) (ITAT Delhi) The appeal before the Income Tax Appellate Tribunal (ITAT), Delhi, arose from the order of the Commissioner of Income Tax (Appeals) confirming the assessment made under Section 143(3) of the Income Tax Act, 1961 for Assessment Year 2015–16. The assessee, an employees’ welfare society registered since 27.12.1976, had filed its return declaring nil income. The society’s objectives included promoting the social, cultural, and economic welfare of its members, disseminating knowledge through seminars and simi...