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2013 (9) TMI 1094 - AT - Income TaxCommon amenities fund is not taxable on the principle of mutuality as decided by this Tribunal is the assessee’s own case Receipt towards share premium and entrance fee from incoming members if the said amount is received for the purpose of utilising for the common amenities of the society then the same falls under the category of the contribution of common amenities fund and the concept of mutuality will be applicable. Accordingly, the AO to verify the same and then decide as per our observation.
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