https://www.taxtmi.com/caselaws?id=19465 Receipts collected by a co-operative housing society from members on allotment of leasehold plots and on transfer of lease were held not taxable as income because the principle of mutuality applied. The Court found identity between the contributors to the common fund and the persons entitled to the surplus, and treated the collections as made for members' common benefit and amenities. The fact that the corpus was not divisible on winding up, or that surplus use was regulated by statute and bye-laws, did not destroy mutuality on these facts. en-us Wed, 26 Oct 1994 00:00:00 +0530 Fri, 06 Nov 2009 13:28:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19465 Receipts collected by a co-operative housing society from members on allotment of leasehold plots and on transfer of lease were held not taxable as income because the principle of mutuality applied. The Court found identity between the contributors to the common fund and the persons entitled to the surplus, and treated the collections as made for members' common benefit and amenities. The fact that the corpus was not divisible on winding up, or that surplus use was regulated by statute and bye-laws, did not destroy mutuality on these facts. Case-Laws Income Tax Wed, 26 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19465