The Tribunal noted that the interest income contributed to reducing the maintenance burden on the assessee-society’s members.
The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) recently held in a case that interest income from fixed deposits can be set off against property maintenance expenses. The assessee/ appellant, Venus Parkland Co-operative Housing Service Society Ltd, is a society formed for maintaining the residential apartment complex named Venus Parkland in Ahmedabad, Gujarat. For…
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