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The Mumbai ITAT annulled an Rs 18.4 crore tax addition imposed on a cooperative housing society, ruling that it acted as a representative for its flat owners rather than as the owner of the redevelopment proceeds. The tribunal also noted that the disputed sale proceeds did not enter the society’s bank account.
12:02 AMEconomic Times RealtySummary
The Mumbai ITAT annulled an Rs 18.4 crore tax addition imposed on a cooperative housing society, ruling that it acted as a representative for its flat owners rather than as the owner of the redevelopment proceeds. The tribunal also noted that the disputed sale proceeds did not enter the society’s bank account.
The ruling shifts the tax focus from the society’s PAN to the actual beneficiaries of
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The decision could reduce tax exposure for redevelopment societies, provided they can prove that the gains belong to individual flat owners rather than to the society itself.
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