TMI Blog2013 (9) TMI 1094X X X X Extracts X X X X X X X X Extracts X X X X ..... ciety then the same falls under the category of the contribution of common amenities fund and the concept of mutuality will be applicable. Accordingly, the AO to verify the same and then decide as per our observation. - I.T.A. No. 6866/Mum/2007 - - - Dated:- 27-9-2013 - SHRI RAJENDRA SINGH, AM SHRI VIJAY PAL RAO, JM Appellant by : Shri Satish Mody Respondent by : Shri Ajeet Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Taxable income of the society. The Learned Commissioner of Income-Tax(Appeals) erred in not considering receipts on accounts of Common Amenities Fund, Share Premium and Entrance Fees as capital receipt. 3. We have heard the Ld. AR as well as Ld. DR and considered the relevant material on record. The Ld. AR has pointed out that an identical issue has been considered and decided by this Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt year 2003-04 has considered and adjudicated the issue of contribution to common amenities in para 4 as under: 4. We have carefully considered the rival submissions and perused the record. Case of the assessee is that though the amount was received in the form of contribution to common amenities fund it is essentially utilized for the benefit of common members and thus principles of mutualit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tilising for the common amenities of the society then the same falls under the category of the contribution of common amenities fund and the concept of mutuality will be applicable. Accordingly, the AO to verify the same and then decide as per our observation. 5. In the result, the appeal of the assessee is partly allowed. Order pronounced in the open Court on this 27th day of September 2013 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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