2009 (8) TMI 1265 - HC - Income Tax

Court rules in favor of appellant on transfer charges, but Revenue wins on exceeding limits. Profit motive impact not pursued.

Sea Face Park Co. Op. Housing Society Ltd. Versus Income Tax Officer

Sea Face Park Co. Op. Housing Society Ltd. Versus Income Tax Officer - TMI Issues involved:The judgment addresses the following Issues:1) Taxability of transfer charges received from transferees2) Taxability of transfer charges exceeding alleged limits from transferors3) Taxability of non-occupancy charges exceeding alleged limits4) Profit motive impact on taxability of charges exceeding prescribed limits5) Taxability of receipts from sale of scrapTaxability of transfer charges received from transferees:The appellant's counsel referred to a previous judgment by the court which covered similar issues. The court ruled in favor of the appellant regarding this question.Taxability of transfer charges exceeding alleged limits from transferors:The court ruled in favor of the Revenue and against the appellant on this issue, as per the counsel's statement aligning with the previous judgment.Taxability of non-occupancy charges exceeding alleged limits:Similar to the previous issue, the court ruled in favor of the Revenue and against the appellant based on the counsel's submission.Profit motive impact on taxability of charges exceeding prescribed limits:The appellant's counsel did not pursue this question, and as a result, it was not further discussed in the judgment.Taxability of receipts from sale of scrap:Similarly, the appellant's counsel did not press this question, leading to the disposal of the appeal in accordance with the court's order. No costs were awarded in this matter.