Taxability of co-operative housing society receipts rejected after binding precedent held transfer fees and repair fund contributions non-taxable.

Transfer fees and contributions to a building heavy repair fund received by a co-operative housing society were held not exigible to tax, the court following a binding earlier decision relied on by the parties. The receipts were therefore treated as non-taxable, and the issue was decided in favour of the assessee and against the Revenue.

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Issues: Whether transfer fees and contribution to building heavy repair fund received by a co-operative housing society were exigible to tax.

Analysis: The issue was answered in the negative in view of the binding earlier decision relied upon by the parties. The receipts in question were held not liable to tax.

Conclusion: The issue was decided in favour of the assessee and against the Revenue.

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