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2015 (5) TMI 113 - AT - Income TaxDenial of exemption being an income of mutual concern - Principle of mutuality - Income from the transaction of non members is outside the purview of the mutuality - Treatment of reimbursement cost as income - Estimation of profits at 5% of gross amount recovered from non-members - Applicability of provisions of section 44C - Interest u/s 234D of the Act - Held that: Following the earlier order [2015 (5) TMI 114 - ITAT MUMBAI] of this Tribunal, we hold that the assessee is covered by the principle of mutuality to the extent of its transaction with the members only and the income from the transaction of non members is outside the purview of the mutuality. Following the earlier order [2015 (5) TMI 114 - ITAT MUMBAI] of the Tribunal, we find no merit in the ground no 1 to 9 of the CO raised by the assessee; accordingly, the same are dismissed. Regarding interest u/s 234D , We have heard the ld AR as well as the DR and considered the relevant material on record. At the outset, we find that this issue is covered against the assessee by the decision of the Honble jurisdictional High Court in the case of Indian Oil Corporation Ltd. [2014 (10) TMI 262 - BOMBAY HIGH COURT ] dated 12th Sept 2012. Following the decision of the Hon’ble jurisdictional High Court, we decide this issue against the assessee. - In the result, the Revenue’s appeal and the assessee’s cross objection stand dismissed.
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