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 Revenue 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-occupancy charges, transfer charges, common amenity fund charges etc., on the basis of doctrine of mutuality – Stand by Revenue that such receipts are in the nature of business income, generating profits and surplus, having an element of commerciality and therefore exigible to tax – Held: Doctrine of mutuality is premised on the theory that a person cannot make a profit from himself – The essence of the principle lies in the commonality of the contributors and the…
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