https://www.taxtmi.com/caselaws?id=213972 The court dismissed the Revenue's appeals, upholding the ITAT's decision to allow the assessee's cross-objection. The court affirmed that the assessee's income was not taxable under the principle of mutuality and Section 80P(ii) exemption. The court rejected the Revenue's challenge to the deletion of expenses claimed by the assessee and the addition on account of transfer fees received, citing precedents supporting the principle of mutuality. The court also overruled the preliminary objection on maintainability based on the tax-effect threshold, emphasizing that the total tax-effect of both appeals exceeded the threshold set by CBDT Instruction No. 5 of 2008. en-us Mon, 07 May 2012 00:00:00 +0530 Wed, 13 Jun 2012 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213972 The court dismissed the Revenue's appeals, upholding the ITAT's decision to allow the assessee's cross-objection. The court affirmed that the assessee's income was not taxable under the principle of mutuality and Section 80P(ii) exemption. The court rejected the Revenue's challenge to the deletion of expenses claimed by the assessee and the addition on account of transfer fees received, citing precedents supporting the principle of mutuality. The court also overruled the preliminary objection on maintainability based on the tax-effect threshold, emphasizing that the total tax-effect of both appeals exceeded the threshold set by CBDT Instruction No. 5 of 2008. Case-Laws Income Tax Mon, 07 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213972