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2009 (7) TMI 689 - HC - Income Tax
Taxability of non occupancy charges - contribution to common amenity fund/repairs and welfare fund being the first contribution made by the existing/new member – Held that: - on the principle of mutuality non occupancy charges are not taxable - The transferees were admitted as members of the society and flats were entered in their names only after the impugned payments were made to the assessee-society. It was also found that the amounts were paid in excess of the Government notification and consequently, the amount paid as transfer fees are exigible to tax.