Mahindra Holidays justified in treating only 60 % of its membership fee collection as its income

 IN THE ITAT CHENNAI BENCH ‘A’ Mahindra Holidays and Resorts India Ltd. Versus Deputy Commissioner of Income-tax IT Appeal Nos. 1614, 1615, 1762 & 1763 (MDS.) of 2011 [ASSESSMENT YEARS 2006-07 & 2007-08 ] OCTOBER  17, 2012 ORDER Dr. O.K. Narayanan, Vice-President – This is a set of cross appeals filed by the assessee and the Revenue for the two assessment years 2006-07 and 2007-08. These appeals are directed against the orders passed by the Commissioner of Income-tax (Appeals), Large Taxpayer Unit at Chennai on August 25, 2011. The appeals arise out...