Transfer fee received from the incoming Members is exempt on the principles of mutuality in the case of co-operative housing societies

 Twinstar Jupiter Co-op. Hsg. Soc. Ltd. Vs  ITO (ITAT Mumbai) – In the case of Sindh CHS Ltd (supra) the Hon’ble High Court made it clear that in the said case the bye-laws provide that the amount has to be paid by the transferor Member. In the present case, nowhere it is the case of the A.O. that there is a provision that only the transferor has to bear the amount of the transfer fees. We, further, find that nowhere it is the case of the A.O. that no commerciality is involved in the objects or activities of the assessee society as the assessee has credited the amount to the general ...