https://www.taxtmi.com/caselaws?id=263875 The delay in filing appeals by the assessee was condoned, and the appeals were admitted for AYs 2007-08 and 2008-09. The transfer fee received by a housing cooperative society was held to be exempt under the principle of mutuality, as per judicial precedents and the society's bye-laws. However, the exemption claimed on interest earned from bank deposits was disallowed, as it did not qualify under the mutuality principle. The appeals by the assessee were dismissed based on these findings. en-us Wed, 26 Aug 2015 00:00:00 +0530 Sat, 12 Sep 2015 07:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263875 The delay in filing appeals by the assessee was condoned, and the appeals were admitted for AYs 2007-08 and 2008-09. The transfer fee received by a housing cooperative society was held to be exempt under the principle of mutuality, as per judicial precedents and the society's bye-laws. However, the exemption claimed on interest earned from bank deposits was disallowed, as it did not qualify under the mutuality principle. The appeals by the assessee were dismissed based on these findings. Case-Laws Income Tax Wed, 26 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263875