ITAT accepts claim of mutuality on transfer fee but not on interest on investments

Armed Forces Officers Co-operative Housing Society Ltd. Vs ITO (ITAT Hyderabad) A perusal of the assessee’s identical pleadings in all these six appeals fails to pin point any factual distinction qua the interest issue in these assessment years before us. We therefore adopt judicial consistency and partly confirm both the lower authorities’ action disallowing the assessee’s mutuality claim on interest on investments made in nationalised banks. The other issue of mutuality relief pertaining to transfer fee stands accepted in view of the foregoing detailed reasoning adopted mutatis mutandi...