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TMI Blog2022 (12) TMI 1165X X X X Extracts X X X X X X X X Extracts X X X X ..... emises and therefore, the collection of maintenance deposits are kept as fixed deposits in Axis Bank and HDFC Bank. From the sale deed also the said element of maintenance deposits has been collected from the owners of the flat. The decision of the Ahmedabad Tribunal in case of Manekbuag Co-op. Housing Society Ltd. [ 2010 (3) TMI 1083 - ITAT AHMEDABAD ] has clearly given the guidelines that when the main object of the society is to manage, administer, operate, supervise and make available the common facilities and maintains of its members to meet the expense on account of maintenance the housing society collected deposits from its members made deposits and earned interest thereon from banks which is squarely covered by the decision Adars ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me earned by the Appellant out of the deployment of the maintenance deposit and the same should not have been taxed in the hands of the appellant. It is submitted that it be so held now and the addition made by the learned Assessing Officer and as confirmed by C.I.T.(Appeals) be deleted. 2. The Assessing Officer wrongly assessed the Appellant as Trust when the Appellant is a Co-operative Society. It is submitted that it be so held now. 3. Without prejudice to above, the amount of Rs.8,32,052/- should not have been taxed by the Learned Assessing Officer and confirmed by C.I.T.(Appeals) on the principle of mutuality as the said income has been received on account of deployment of the funds of the members of the society, and hence, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act at Rs. 29,87,472/- and show net income of Rs. 21,844/- and claimed the said amount of Rs. 21,844/- as deduction under Section 80P of the Act. The Assessing Officer made addition of Rs. 8,32,052/- towards Fixed Deposit with Axis Bank and HDFC Bank as well as Savings Bank regarding the interest element. The Assessing Officer also rejected the claim under Section 80P of the assessee. 4. Being aggrieved by the assessment order the assessee filed appeal before the CIT(A). The CIT(A) dismiss the appeal of the assessee. 5. The Ld. A.R. submitted that the assessee is Co-operative Housing Maintenance Society of a Residential Flats in Ahmedabad and is not engaged in any business or any income earning activities. The society collected dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ug Co-op. Housing Society Ltd. (ITA No. 2133/Ahd/2006 order dated 05.03.2010). 6. The Ld. D.R. relied upon the order of CIT(A) and the order of the Assessment Order. 7. Heard both the parties and perused all the relevant material available on record. It is pertinent to note that from the Balance Sheet the maintenance deposit is excessively used for maintenance of the residential premises and therefore, the collection of maintenance deposits are kept as fixed deposits in Axis Bank and HDFC Bank. From the sale deed also the said element of maintenance deposits has been collected from the owners of the flat. The decision of the Ahmedabad Tribunal in case of Manekbuag Co-op. Housing Society Ltd. has clearly given the guidelines that when ..... X X X X Extracts X X X X X X X X Extracts X X X X
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