TaxTMI 
TaxTMI 
2018 (12) TMI 1317
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....e doctrine of mutuality to the income streams of the assessee, is opposed to Law, the facts and circumstances of the case 2) The learned CIT(Appeals) is not justified in rejecting assessee's appeal, in spite of the case Laws relied upon by the Assessing Officer being distinguished on facts &circumstances 3) The learned CIT(Appeals) is not justified in rejecting assessee's appeal, despite the applicable case Laws of the H'ble jurisdictional High court and also of another HI)le High Court cited and relied upon by the Assessee 4) On facts of the case, the order of the learned CIT(Appeals) rejecting the submission of the assessee and upholding the action of the AO, is not sustainable when no reason for such action is evident f....
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.... that the incomes received from Pay & Park Charges, rent from Vodafone tower, interest from Fixed Deposit, rent from BSNL tower and rent from Idea Tower are incidental receipts in order to furthering of the objectives of dominant purpose of the assessee AOP and it was also held by him that these incomes are not governed by the concept of mutuality. He further pointed out that while holding so, the CIT(A) has also stated that various decisions relied upon by the AO are supporting him in taking this view. Regarding those decisions which are relied upon by the AO, he drawn my attention to para no. 2.4 on page no. 4 of the assessment order and submitted that the main judgement on which the reliance has been placed by the AO is the judgement of ....
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....f all, I take note of the facts in the present case. In para no. 2 of the assessment order, it is noted by the AO that the assessee has claimed exemption of Rs. 21,45,804/- being the surplus income after deducting personal expenses declared under the head Income from Other Sources. The AO has noted the nature of those incomes which are 1) Pay & Park Charges -Rs. 1,63,940/-, 2) Rent from Vodafone Tower - Rs. 3,41,055/-, 3) Interest from Fixed Deposit - Rs. 11,15,666/-, 4) Rent from BSNL Tower - Rs. 18,555/- and 5) Rent from Idea Tower - Rs. 5,75,059/- total Rs. 22,14,270/-. Hence it is seen that these incomes are earned by the assessee from outsiders who are not the members of the assessee AOP and hence, neither contributor nor participator ....
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....oviding certain facilities by the assessee to its members. 6. Now I examine the applicability of the judgement of Hon'ble Karnataka High Court rendered in the case of Canara Bank Golden Jubilee Staff Welfare Fund Vs. DCIT (supra) on which reliance has been placed by ld. AR of assessee. As per the facts noted in Para 5 of this judgment, it is noted that contributions from the members are used for lending loans to the members and in turn collect interest from the members and as such, the income is exempted from tax on the principle of doctrine of mutuality in terms of Section 4 of the Income Tax Act and in addition to that, this was also claimed in that case that the funds collected by the assessee are used to provide monetary assistance....