https://www.taxtmi.com/caselaws?id=118293 Interest-free amounts received from incoming members were treated as refundable loans rather than income because they were authorised by society resolutions, received from identifiable members through banking channels, recorded as repayable loans and repaid in fact. Receipts linked to utilisation of available FSI for four new tenements and related allotments were also held to fall within the mutual character of the housing society's activities, as the society operated within its bye-laws, dealt only with members, and maintained complete identity between contributors and participators. The attempt to treat the project as partly non-mutual was rejected, so the disputed receipts were not taxable as business income. en-us Tue, 09 May 2006 00:00:00 +0530 Fri, 29 Jun 2012 16:58:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118293 Interest-free amounts received from incoming members were treated as refundable loans rather than income because they were authorised by society resolutions, received from identifiable members through banking channels, recorded as repayable loans and repaid in fact. Receipts linked to utilisation of available FSI for four new tenements and related allotments were also held to fall within the mutual character of the housing society's activities, as the society operated within its bye-laws, dealt only with members, and maintained complete identity between contributors and participators. The attempt to treat the project as partly non-mutual was rejected, so the disputed receipts were not taxable as business income. Case-Laws Income Tax Tue, 09 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118293