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2017 (5) TMI 721 - AT - Income TaxAddition of income from other sources - Transfer Fees in excess of limit prescribed by the Notification of Govt. of Maharashtra i.e. ₹ 25,0001- per flat - concept of Mutuality - taxability of the receipts of the society on account of Repairs & Maintenance Fund Members Lift fund and transfer fee - Held that:- We find that a categorical finding has been recorded by the CIT (A) to the effect that amount received as transfer fee on sale of flat was only ₹ 25,000/-, and the balance contribution was received towards repairs and maintenance funds, Members Lift Funds etc. CIT (A) also observed that funds so received was used for betterment of society for common benefits. Department could not controvert these finding of the CIT (A) by bringing any positive material on record. Thus, while granting relief to the assessee, CIT (A) discussed the issue i.e. taxability of the receipts of the society on account of Repairs & Maintenance Fund Members Lift fund and transfer fee, at length and relied on the precedents and decided the issue in favour of the assessee. Therefore, we are of the considered view that the decision of the CIT (A) is fair and reasonable and it does not call for any interference. - Decided against revenue
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