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2012 (2) TMI 188 - AT - Income TaxPrinciple of mutuality - Assessee co-operative society running Gymkhana, received deposit - Interest Income assessable as business Income - Held That:- In view of Effluent Treatment Plant (2010 - TMI - 76801 - BOMBAY HIGH COURT),principle of mutuality is not applicable. - As regards the claim u/s 80P is concerned, if any income by way of interest or dividend derived by the cooperative society from its investment with any other cooperative societies, then deduction u/s 80P is allowable in respect of the said income. - case remanded back to verify the deposits. Transfer fee upto 25,000 covered under mutuality - Amount not received under coercion or under pressure - Held That:- In view of Sind Cooperative Hsg Ltd (2009 -TMI - 34176 - BOMBAY HIGH COURT), claim of assessee allowed. Amount received for additional FSI under TDR rules - AO: amount charged per sq.ft is higher than rate charged by local authority - Held That:- When there is no profit motive or business by collecting such fund by the assessee society, then only because of the rate charged by the assessee society from its members is higher than the rate of local body cannot be a ground for rejecting the principle of mutuality.
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