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.

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