https://www.taxtmi.com/caselaws?id=268492 Receipts collected by a co-operative housing society from its members under its bye-laws and resolutions were held to satisfy the mutuality principle where the contributors and beneficiaries formed the same class and the funds were applied for common member benefits without commercial or profit-making character. On that basis, contributions towards special development funds for issuing no objection certificates were not taxable and were excluded from income. The same reasoning applied to land premium received on transfer from members: it arose from mutual arrangements for common purposes, retained the character of a mutual contribution, and was not taxable. en-us Fri, 09 Oct 2015 00:00:00 +0530 Fri, 27 Nov 2015 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268492 Receipts collected by a co-operative housing society from its members under its bye-laws and resolutions were held to satisfy the mutuality principle where the contributors and beneficiaries formed the same class and the funds were applied for common member benefits without commercial or profit-making character. On that basis, contributions towards special development funds for issuing no objection certificates were not taxable and were excluded from income. The same reasoning applied to land premium received on transfer from members: it arose from mutual arrangements for common purposes, retained the character of a mutual contribution, and was not taxable. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268492