The Tax Publishers2021 TaxPub(DT) 0871 (Hyd-Trib)

INCOME TAX ACT 1961

Section 80P

Following the decision rendered in assessee's own case in Armed Forces Officers Co-operative Housing Society Ltd. v. ITO 2015 TaxPub(DT) 3613 (Hyd-Trib), the assessee's mutuality claim on interest on investments made in nationalised banks was disallowed and the other issue of mutuality relief pertaining to transfer fee was accepted in view of the detailed reasoning adopted mutatis mutandis herein.

Deduction under section 80P - Co-operative society - Interest on investments made in nationalised banks and mutuality relief pertaining to transfer fee -

Assessee is a housing co-operative society and has claimed certain incomes as exempt on 'Principles of mutuality' such as mutuality claim on interest on investments made in nationalised banks and mutuality relief pertaining to transfer fee. Held: As decided in assessee's own case [2015 TaxPub(DT) 3613 (Hyd-Trib)] judicial consistency was adopted and both the lower authorities' actions in disallowing the assessee's mutuality claim on interest on investments made in nationalised banks, were partly confirmed. The other issue of mutuality relief pertaining to transfer fee was accepted in view of the foregoing detailed reasoning adopted mutatis mutandis herein.

Followed:Armed Forces Officers' Co-operative Housing Society Ltd. v. ITO 2015 TaxPub(DT) 3613 (Hyd-Trib).

REFERRED :

FAVOUR : Partly in favour of assessee.

A.Y. : 2009-10 to 2014-15

IN THE ITAT, HYDERABAD BENCH

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