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society membership

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In a key ruling, ITAT Mumbai allowed Valencia Co-Operative Housing Society in Powai to claim tax deduction on interest earned from co-operative bank deposits, clarifying when housing societies can legally avoid tax on such income.

Full Payment to Builder Is NOT a Pre-Condition for Society Membership

In a landmark ruling, the Bombay High Court held that full payment to a builder is not a prerequisite for membership in a cooperative housing society. The court restored deemed membership for a MOFA flat buyer, emphasizing that statutory rights under the Maharashtra Ownership Flats Act cannot be denied due to payment disputes.