mutuality

Simply because some incidental activity of the assessee is revenue generating, does not provide any justification to hold that it is tainted with "commerciality" and reaches a point where relationship of mutuality ends and that of trading begins. Full Article

CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCHES `E’, MUMBAI, In The case of: The Jai Hind Co-op Housing Society Ltd. V.ITO, Appeal No.: ITA NO. 88/Mum/2006,  Decided on: December 17, 2008 RELEVENT PARAGRAPH 7. We have the rival submissions and perused the records. During the year under consideration the assessee society had claimed as [...] Full Article

In general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception since though certain types of income of CHS are exempt there are other incomes which are chargeable to Tax. Full Article

SUMMARY OF CASE LAW The principle of mutuality as enunciated by the Courts in various cases is applicable to a situation where the income of the mutual concern is the contributions received from its contributors.  CASE LAW DETAILS Decided by: HIGH COURT OF DELHI, In The case of: Yum! Restaurants (Marketing) Pvt. , Ltd.  v. [...] Full Article