Supreme Court of India
Income Tax Officer, Mumbai v. Venkatesh Premises Cooperative Society Ltd.
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1 Supreme Court bench has cited this judgment.
What the Court ordered
In the result, all appeals preferred by the Reven ue are dismissed.
Judgment, page 15
From the headnote
Income Tax Act, 1961: Exemption from income tax – Of certain receipts by Co- operative Societies from its members i.e. non-occupan cy charges, transfer charges, common amenity fund charges etc., on the basis of doctrine of mutuality – Stand by Revenue that such rece ipts are in the nature of business income, generating profit s and surplus, having an element of commerciality and therefore exigibl e to tax – Held: Doctrine of mutuality is premised on the theory that a person cannot make a profit from himself – The essence of t he principle lies in the commonality of the contributors and the
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