2013 (9) TMI 1094

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....he assessee is directed against the order dated 31.8.2007 of Commissioner of Income Tax(Appeals) for the assessment year 2004-05. 2. The only effective ground raised by the assessee is as under: "2. The Learned Commissioner of Income-tax (Appeals) erred in confirming the additions by A.O and consequently treating ` 17,00,200/- received towards Common Amenities Fund, Share Premium and Entrance Fe....

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.... ITA No. 6066/M/2006. Thus, the Ld. AR has submitted that this issue is covered in favour of the assessee. The Ld. DR has relied upon the orders of the authorities below. The AO made the addition with respect to the amount received by the assessee towards transfer fee of ` 500/- from outgoing members, entrance fee for ` 100/- from incoming members, share premium and contribution to common amenitie....

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...., we accept the plea of the assessee and hold that the impugned amount received in the form of contribution to common amenities fund is exempt from tax since principles of mutuality applied to the instant receipts. Under the circumstances, appeal filed by the assessee is allowed. Pronounced accordingly in the open court on the date of hearing i.e. on 10.1.2011." 4. In view of the earlier order of....