ITAT Hyderabad Judgments — February 2021

THE ARMED FORCES OFFICERS CO-OPERATIVE HOUSING SOCIETY LIMITED,SECUNDERABAD vs INCOME TAX OFFICER, WARD-10(3), HYDERABAD

ITA 1014/HYD/2017[2010-11]Status: Disposed1 Feb 2021AY 2010-11Partly Allowed

The Tribunal held that the principle of mutuality applies to transfer fees received from members, allowing exemption. However, interest earned on investments with nationalised banks is not eligible for exemption as it is income from a third party.

THE ARMED FORCES OFFICERS CO-OPERATIVE HOUSING SOCIETY LIMITED,SECUNDERABAD vs INCOME TAX OFFICER, WARD-10(3), HYDERABAD

ITA 1015/HYD/2017[2011-12]Status: Disposed1 Feb 2021AY 2011-12Partly Allowed

The Tribunal held that the principle of mutuality applies to transfer fees received from members, allowing exemption. However, interest earned on investments with nationalised banks is not eligible for exemption as it is income from a third party.

ARMED FORCES CO-OPERATIVE HOUSING SOCIETY LTD.,SECUNDERABAD vs INCOME TAX OFFICER, WARD-10(3)., HYDERABAD.

ITA 1016/HYD/2017[2012-13]Status: Disposed1 Feb 2021AY 2012-13Partly Allowed

The Tribunal held that the principle of mutuality applies to transfer fees received from members, allowing exemption. However, interest earned on investments with nationalised banks is not eligible for exemption as it is income from a third party.

ARMED FORCES CO-OPERATIVE HOUSING SOCIETY LIMITED,SECUNDERABAD vs ASST. COMMISSIONER OF INCOME TAX, CIRCLE-15(1), HYDERABAD

ITA 648/HYD/2018[2014-15]Status: Disposed1 Feb 2021AY 2014-15Partly Allowed

The Tribunal held that the principle of mutuality applies to transfer fees received from members, allowing exemption. However, interest earned on investments with nationalised banks is not eligible for exemption as it is income from a third party.

BALASHOWRY VALLABHANENI, HYDERABAD,HYDERABAD vs DCIT, CIRCLE-2(1), HYDERABAD, HYDERABAD

ITA 520/HYD/2017[2009-10]Status: Disposed1 Feb 2021AY 2009-10Dismissed

The Tribunal allowed the assessee's request to withdraw the appeal. The assessee was granted liberty to approach the Tribunal to reinstate the appeal if the Vivad se Vishwas scheme application was rejected.

KRISHNA BHIMA SAMRUDDIN LOACAL AREA BANK LIMITED, HYDERABAD,SECUNDERABAD vs ACIT, CIRCLE-5(1), HYDERABAD, HYDERABAD

ITA 822/HYD/2017[2012-13]Status: Disposed1 Feb 2021AY 2012-13Dismissed

The Tribunal allowed the assessee's request to withdraw the appeal. The assessee was granted liberty to approach the Tribunal to reinstate the appeal if the Vivad se Vishwas scheme application was rejected.

RAMA DEVI MITTAL,SECUNDERABAD vs INCOME TAX OFFICER, WARD-10(3), HYDERABAD

ITA 2006/HYD/2018[2011-12]Status: Disposed1 Feb 2021AY 2011-12Dismissed

The Tribunal allowed the assessee's appeal to be withdrawn. The assessee was granted liberty to approach the Tribunal to reinstate the appeal if the Vivad se Vishwas scheme application was rejected.

A.SUDHAKAR, KARIMNAGAR,HYDERABAD vs ACIT, CIRCLE-1, KARIMNAGAR, KARIMNAGAR

ITA 820/HYD/2015[1989-90 to 1999-2000]Status: Disposed1 Feb 2021Dismissed

The Tribunal allowed the assessee's request to withdraw the appeal. The assessee was granted liberty to approach the Tribunal for reinstatement if the Vivad se Vishwas scheme application was rejected.

THE ARMED FORCES OFFICERS CO-OPERATIVE HOUSING SOCIETY LIMITED,SECUNDERABAD vs INCOME TAX OFFICER, WARD-10(3), HYDERABAD

ITA 1013/HYD/2017[2009-10]Status: Disposed1 Feb 2021AY 2009-10Partly Allowed

The Tribunal held that the principle of mutuality applies to transfer fees received from members, allowing exemption. However, interest earned on investments with nationalised banks is not eligible for exemption as it's with a third party.

THE ARMED FORCES OFFICERS CO-OPERATIVE HOUSING SOCIETY LIMIYRF,SECUNDERABAD vs ASST. COMMISSIONER OF INCOME TAX, CIRCLE-15(1), HYDERABAD

ITA 1017/HYD/2017[2013-14]Status: Disposed1 Feb 2021AY 2013-14Partly Allowed

The Tribunal held that the principle of mutuality applies to transfer fees received from members as per bye-laws, but not to interest earned from investments made in nationalized banks, as this constitutes a transaction with a third party.