Sec. 80P Principle of mutuality applies to Transfer fees, Non-occupancy/ Car parking charges

CA.V.Vivek Rajan Brief– ITAT Mumbai held in the case of In the case of Lands End Co-operative Housing Society Limited vs ITO, that receipt of transfer fees, Non-occupancy charges and car parking charges are covered by the principle of mutuality. It Further held that deduction u/s 80P (2)(d) is available to Co-operative Housing Society on interest on FD with other co-operative banks. Brief Facts of the Case Receipt of Transfer Fees a. The assessee, a co-operative society was formed to look after the maintenance of flats owned by its members. b. The assessee received a sum of money from o...