JAI HIND CO. OP HSG. SOC. LTD, MUMBAI V. ASST CIT 21(1), MUMBAI

ITA 6626/MUM/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 92855 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 7 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-07-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 01-07-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 13-11-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ASGHAR ZAIN
• Assessee Lawyers: F V IRANI

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES A MUMBAI . . , . . , BEFORE SHRI I.P. BANSAL, JUDICIAL MEMBER AND B.R.BASKARAN, ACCOUNTANT MEMBER . / ITA NO. 6626/MUM/2013 / ASSESSMENT YEAR 2008-09 JAI HIND CO.OP. HSG. SOC. LTD., PLOT NO.51, N.S.ROAD NO.11, JVPD SCHEME, VILE PARLE (WEST),MUMBAI -49 / VS. THE ACIT-21(1), BANDRA KURLA COMPLEX, BANDRA, MUMBAI - 51 ./ ./ PAN/GIR NO. : AAAAJ 2782R ( / APPELLANT ) .. ( / RESPONDENT ) APPELLANT BY SHRI F.V.IRANI RESPONDENT BY : SHRI ASGHAR ZAIN # $ % / DATE OF HEARING : 01/07//2015 # $ % / DATE OF PRONOUNCEMENT : 01/07/2015 / O R D E R PER I.P.BANSAL, JM: THIS IS AN APPEAL FILED BY THE ASSESSEE AND IT I S DIRECTED AGAINST ORDER PASSED BY LD. CIT(A)-32, MUMBAI DATED 20/9/2013 FOR ASSESSMENT YEAR 2008- 09. GROUNDS OF APPEAL READ AS UNDER: 1. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LEARNED CIT(A) ERRED IN NOT ACCEPTING THE CLAIM OF THE APPE LLANT THAT TRANSFER FESS OF RS.12,00,000/- IS NOT TAXABLE IN THE HANDS OF CO-OPERATIVE HOUSING SOCIETY. 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND I N LAW, THE LEARNED CIT(A) ERRED IN NOT ACCEPTING THE CLAIM OF THE APPE LLANT THAT THE TRANSFER FEES IS NOT TAXABLE CONSIDERING THE BOMBAY HIGH COU RT JUDGMENT WHICH HAS BINDING EFFECT ON THE BASIS OF JURISDICTION OF THE CASE. . / ITA NO. 6626/MUM/2013 / ASSESSMENT YEAR 2008-09 2 2. WE HAVE HEARD BOTH THE PARTIES. THIS ISSUE IS C OVERED IN FAVOUR OF THE ASSESSEE BY THE DECISION OF HONBLE BOMBAY HIGH COU RT IN THE CASE OF SIND CO- OPERATIVE HOUSING SOCIETY LTD. VS. ITO, 317 ITR 41 (BOM). IN THIS CASE, IT HAS BEEN HELD THAT TRANSFER FEES RECEIVED BY THE ASSESS EE, WHETHER FROM OUTGOING OR FROM INCOMING MEMBERS, WAS NOT LIABLE TO TAX ON THE GROUND OF MUTUALITY. ACCORDINGLY, WE HOLD THAT THE IMPUGNED AMOUNT OF RS .12.00 LACS RECEIVED BY THE ASSESSEE AS TRANSFER FEES FROM ITS MEMBERS IS NOT TAXABLE IN THE HANDS OF THE ASSESSEE SOCIETY ON GROUND OF PRINCIPLE OF MUTU ALITY AND ALLOW THE APPEAL FILED BY THE ASSESSEE. 3. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. OR DER PRONOUNCED IN THE OPEN COURT ON 01/07/2015 # + , - 01/07/2015 # SD/- SD/- ( . . / B.R.BASKARAN ) ( . . / I.P. BANSAL ) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI; , DATED 01/07/2015 / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. /$ ( ) / THE CIT(A)- 4. /$ / CIT 5. 0 $23 , % 23 , / DR, ITAT, MUMBAI 6. 4 / GUARD FILE. / BY ORDER, 0$ $ //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI . . ./ VM , SR. PS . / ITA NO. 6626/MUM/2013 / ASSESSMENT YEAR 2008-09 3 DETAILS DATE INITIALS DESIGNATION 1 DRAFT DICTATED ON 01/06/2015 SR.PS/PS 2 DRAFT PLACED BEFORE AUTHOR 01/07/2015 SR.PS/PS 3 DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS/PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS/PS 7. FILE SENT TO THE BENCH CLERK SR.PS/PS 8 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 9 DATE OF DISPATCH OF ORDER