Held that assessee, a housing co-operative society, showed net surplus of Rs. 4,64,486 in its profit and loss account after netting out all maintenance expenses, assessee is  eligible for deduction under section 80P(2)(c)(ii). Assessee has earned interest income on fixed deposits and claimed to set off same against income of society. Assessing Officer disallowed claim on ground that no expenditure was incurred wholly and exclusively for purpose of earning such interest income. CIT (A) affirmed the order of the AO. On appeal the Tribunal held that  income earned by society by way of interest on bank fixed deposits was spent for maintenance and upkeepment of residential premises of society. Accordingly the  interest income earned from fixed deposits was directly linked with activity of maintenance of society. Tribunal  held that interest income certainly reduced burden of contribution for maintenance by members of society. The Tribunal also held that the Assessing Officer was not justified in denying benefit to assessee simply on ground that assessee showed bank interest income under head other sources. Therefore, assessee-society had rightly set off interest income against maintenance expenses and addition made on this account was liable to be deleted. (AY. 2018-19)