TMI Blog2013 (12) TMI 1355X X X X Extracts X X X X X X X X Extracts X X X X ..... elevant facts of the case giving rise to this appeal are that the assessee company acquired a plot of land and constructed buildings thereon. The flats in the said buildings are given by it to the shareholders and it is responsible for the repairs and maintenance of the said flats as well as over all management of the affairs relating to the buildings constructed. The assessee company collects transfer fees from the intending purchasers at the time of transfer of flats by shareholders to the said purchasers. It has also collected nonrefundable Security Deposits (S.D.) against the repairs to flats and has collected nominee occupancy charges from the tenants of the flats who are its non-members. These receipts were claimed to be exempt by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r fees of Rs.49.40 lacs received by the assessee company, on transfer of flats as exempt from income tax, on principle of mutuality which principle applies only to Cooperative Societies and would not apply to corporate entities. 2. On the facts and in the circumstances of the case and in law, the Ld.C1T(A) erred in holding that the Non Refundable Security Deposits of Rs.3,27,500/- received by the assessee company for allowing repairs to flats is exempt from income tax, on principle of mutuality which principle applies only to Co-operative Societies and would not apply to corporate entities. 3. On the facts and in the circumstances of the case and in law, the Ld.C1T(A) erred in holding that the nominee occupancy charges of Rs.21,25,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cable even to the nominee occupancy charges although the same were received from the tenants who are not the members of the assessee company. As the issues involved in the year under consideration as raised in the present appeal filed by the Revenue as well as all the material facts relevant thereto are similar to that of A.Y. 2007-08, we respectfully follow the order of the co-ordinate Bench of this Tribunal passed in assessee s own case for A.Y. 2007-08 and uphold the impugned order of the ld. CIT(A) giving relief to the assessee on these issues. The appeal filed by the Revenue is accordingly dismissed. 5. In the result, appeal filed by the Revenue is dismissed. Order pronounced in the open court on 03-04-2013. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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