https://www.taxtmi.com/caselaws?id=456093 The HC dismissed the tax appeal filed by a cooperative society claiming exemption under Section 80P(2)(a)(i) for transfer fees and interest receipts. The court held that the society's primary activity was constructing and selling residential flats to the public, not serving fixed members. Transfer fees paid by flat purchasers were part of the sale price, not exempt cooperative income. Similarly, interest receipts from credit facilities to purchasers-turned-members did not qualify for exemption as the society's basic purpose was commercial construction and sales, not providing credit to definite members. The appeal was dismissed with costs of Rs. 5,000. en-us Wed, 14 Feb 2018 00:00:00 +0530 Thu, 27 Jun 2024 08:51:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456093 The HC dismissed the tax appeal filed by a cooperative society claiming exemption under Section 80P(2)(a)(i) for transfer fees and interest receipts. The court held that the society's primary activity was constructing and selling residential flats to the public, not serving fixed members. Transfer fees paid by flat purchasers were part of the sale price, not exempt cooperative income. Similarly, interest receipts from credit facilities to purchasers-turned-members did not qualify for exemption as the society's basic purpose was commercial construction and sales, not providing credit to definite members. The appeal was dismissed with costs of Rs. 5,000. Case-Laws Income Tax Wed, 14 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456093