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of <h1>Tribunal rules in favor of assessee on nominee occupancy charges & interest income exemption</h1> <h3>Hill Properties Limited, Mumbai Versus Income Tax Officer 5 (1) (4), Mumbai</h3> Hill Properties Limited, Mumbai Versus Income Tax Officer 5 (1) (4), Mumbai - TMI Issues involved: Appeal regarding addition of nominee occupancy charges and interest income not exempt under mutuality.Nominee occupancy charges issue: The Tribunal decided in favor of the assessee, citing the judgment of the Hon'ble Bombay High Court in Mittal Court Premises Co-operative Society Ltd. vs. ITO, where it was held that nominee occupancy charges are exempt from taxation on the principle of mutuality. The Tribunal followed its earlier order in the assessee's own case for the assessment year 2005-06, where a similar decision was made.Interest income issue: The Tribunal ruled in favor of the assessee, stating that interest earned from surplus funds in a Cooperative Housing Society is not liable to tax. This decision was based on previous orders in the assessee's case for the assessment years 2004-05 and 2005-06, as well as references to judgments of the Delhi High Court and the Karnataka High Court. The Tribunal relied on the principle that interest income from banks and bonds on surplus funds of a Cooperative Housing Society is exempt from taxation.In conclusion, the appeal of the assessee was allowed with no order as to costs.
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