https://www.taxtmi.com/caselaws?id=20676 The court ruled in favor of the assessee, stating that the transfer fee received by the co-operative housing society was not taxable income. The judgment was based on the principle of mutuality and the absence of profit element in the society's transactions. No costs were awarded in the case. The decision underscores that income received by co-operative societies and mutual associations, benefiting contributors without a profit motive, remains exempt from taxation. en-us Mon, 03 May 1993 00:00:00 +0530 Mon, 16 Nov 2009 15:26:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20676 The court ruled in favor of the assessee, stating that the transfer fee received by the co-operative housing society was not taxable income. The judgment was based on the principle of mutuality and the absence of profit element in the society's transactions. No costs were awarded in the case. The decision underscores that income received by co-operative societies and mutual associations, benefiting contributors without a profit motive, remains exempt from taxation. Case-Laws Income Tax Mon, 03 May 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20676