No tax on TDR and transfer fees received by housing society from Members

ITO Vs M/s. Presidency Co-op. Housing Society Ltd. (ITAT Mumbai) Amounts received by the appellant Society from its members as TDR and transfer fees should not be chargeable to Income Tax on the principle of mutuality. Therefore, assessing officer is directed to delete the addition of Rs. 34,44,474 on account of TDR and transfer fees received from the members. FULL TEXT OF THE ITAT JUDGMENT This is an appeal filed by the Revenue against the order of Commissioner (Appeals) for the assessment year 2007-08. 2. The grievance of Revenue relates to deleting addition of Rs. 7,64,271 made by assessin...