Home Highlights October 2016 Year 2016 This

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1. Concept of mutuality - Payment of interest / compensation to the members - The very fact that bylaws of the assessee-society contained the provisions that payment of...

2. Levy of GST - maintenance charges collected by Emerald Court Co-op Housing Society Ltd (CHS) from members of its society - In view of the amended Section 7 of the CGST...

3. Treatment to be given to the entrance fee received by the assessee from Life Members - AO was wrong in splitting the fee received from life members into capital and...

4. Charitable purpose – whole idea of this mutual society is that the particular members comprising it should be benefited out of their own contribution - assessee society...

5. Capital gain - real owners of property/asst - 13 members of this society are the owners of the capital asset - Capital gain shall always be chargeable to tax only in the...

6. Taxability of amount received - Co-operative Housing Society - receipt of a gratuitous payment from an outgoing member for the time he has resided in the society - no...

7. Addition on account of long term capital gain - AO has not brought on record any material which establish non-genuineness of the members of the society - all the members...

8. Assessee has received the compensation in his capacity as a member of the society and not as an agriculturist - The amount received by assessee has to be taxed as...

9. Assessee’s society is covered by the doctrine of mutuality and this amount was not taxable - income received from the members is exempt and the income received from...

10. Deduction u/s 80P(2)(a)(i) - assessee is a co-operative credit society having “A” class Members as well as “B” class Members as its society’s Members - mutuality -...

11. Taxability of amount received for specific purpose - Revenue Authorities have not disputed the contributions received but denied the exemption only due to the fact that...

12. Deduction of claim u/s. 80P(2)(a)(i) - claim denied on interest - The Assessee being a Primary Agriculture Credit Society is a Co-operative Society. The primary object...

13. Levy of GST - Business or not - Supply or not - common law Principle of Mutuality - Co-operative Housing Society - contribution charges collected by the Appellant from...

14. Investment of surplus fund by a coop society, no deduction u/s 80P – Supreme Court

15. Mutual benefit society - the transactions with the bank who is not even a member of the society cannot be considered as a transaction for which principles of mutuality will apply.