2013 (12) TMI 1355

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.... This appeal is preferred by the Revenue against the order of the ld. CIT(A) -9, Mumbai dated 03-03-2011 for A.Y. 2008-09. 2. The relevant facts of the case giving rise to this appeal are that the assessee company acquired a plot of land and constructed buildings thereon. The flats in the said buildings are given by it to the shareholders and it is responsible for the repairs and maintenance o....

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....pplicable only to the cooperative societies and the same cannot be extended to a company like the assessee. He further held that the nominee occupancy charges were received by the assessee from its non-members and the principle of mutuality was not applicable to the said charges. In the assessment completed u/s 143(3) of the Income Tax Act, 1961 vide an order dtd. 27-10-2010, the claim of the asse....

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....49.40 lacs received by the assessee company, on transfer of flats as exempt from income tax, on principle of mutuality which principle applies only to Cooperative Societies and would not apply to corporate entities. 2. On the facts and in the circumstances of the case and in law, the Ld.C1T(A) erred in holding that the Non Refundable Security Deposits of Rs.3,27,500/- received by the assessee c....

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....his appeal of the Revenue are squarely covered in favour of the assessee by the orders of the Tribunal for the earlier years wherein similar issues have been consistently decided by the Tribunal in favour of the assessee. In one of such orders passed for the immediately preceding A.Y. i.e. 2007-08, the coordinate Bench of this Tribunal vide its order dtd. 21-10-2011 passed in ITA No. 6381/Mum/2010....