2012 (2) TMI 617

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....Appeal preferred by the Revenue, is directed against the impugned order dated 12th February 2010, passed by the Commissioner (Appeals)-XXXII, Mumbai, for assessment year 2004-05, on the following grounds:- "1. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in deleting the premium on transfer fees of ` 10,60,000 received from members relying on the decision....

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.... to appreciated that principle of mutuality will not apply in the case of premium on "transfer fee as the society has charged more amount than the permissible limits as per the bye law of co.op. Hsg. Scty or Govt. notification & therefore the society is bound to repay the same & if it retains such excess amount, then it will be in the nature of profit making & such sum will be eligible to tax. 3....