Bangalore Club v. CIT

350 ITR 509Supreme Court of India2013#351 most cited

What is Bangalore Club v. CIT authority for?

The Supreme Court affirmed the doctrine of mutuality, holding that contributions received from and returned to members for a common purpose do not constitute taxable profits. However, income from transactions with non-members or interest earned from investments in external entities (like cooperative banks) may break the mutuality chain and be taxable under Section 56, falling outside the scope of Section 80P deductions.

247

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2014 to 2026.

Also referred to as

Bangalore Club v. CIT · mutuality principle · doctrine of mutuality · Section 80P · Section 80P(2)(d) · Section 56 · cooperative society income · interest income taxability · income from other sources · mutual undertaking · members club · taxation of clubs

Also reported as

29 Taxmann.com 295 SCC 509212 Taxmann 566

Sections most often in play

Section 143(3)Section 80P(2)(a)(i)Section 56Section 80P(2)(d)Section 254Section 142(1)Section 80PSection 80P(1)
Read the full judgment

Issues it is cited on

mutuality principledoctrine of mutualitysection 11(4a)proviso to section 2(15)section 80p(1)section 80p(4)section 2(15)section 80p(2)(d)section 10(23c)section 80p(2)(a)section 80p(2)(a)(i)section 80p(2)

Judgments citing Bangalore Club v. CIT

Poona Club Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 4, Pune

In the result, the appeal filed by the Revenue in ITA

ITA 2242/PUN/2017[2014-15]Status: DisposedITAT Pune20 Apr 2022AY 2014-15

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…13 Poona Club Ltd. by accepting returned income in the assessment u/s 143(1) of the Act. Now, the Assessing Officer seeking to reopen the assessment on the ground that based on the decision of the Hon’ble Supreme Court in the case of Bangalore Club vs. CIT, 350 ITR 509 (SC), wherein, the Hon’ble Supreme Court held that the interest charges by the club is not exempt on the ground of mutuality and, therefore, sought to disallow the expenses claimed against the interest income from bank and other charges like receipts from venue charges from members’ guest, dinner receipts from members’ guest, receipts from cricke…

Assistant Commissioner of Income-Tax, Circle - 4, Pune vs. M/S. Poona Club Ltd, Pune

In the result, the appeal filed by the Revenue in ITA

ITA 2221/PUN/2017[2014-15]Status: DisposedITAT Pune20 Apr 2022AY 2014-15

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…13 Poona Club Ltd. by accepting returned income in the assessment u/s 143(1) of the Act. Now, the Assessing Officer seeking to reopen the assessment on the ground that based on the decision of the Hon’ble Supreme Court in the case of Bangalore Club vs. CIT, 350 ITR 509 (SC), wherein, the Hon’ble Supreme Court held that the interest charges by the club is not exempt on the ground of mutuality and, therefore, sought to disallow the expenses claimed against the interest income from bank and other charges like receipts from venue charges from members’ guest, dinner receipts from members’ guest, receipts from cricke…

Poona Club Ltd., Pune vs. Deputy Commissioner of Income-Tax, Circle - 4, Pune

In the result, the appeal filed by the Revenue in ITA

ITA 1653/PUN/2017[2013-14]Status: DisposedITAT Pune20 Apr 2022AY 2013-14

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…13 Poona Club Ltd. by accepting returned income in the assessment u/s 143(1) of the Act. Now, the Assessing Officer seeking to reopen the assessment on the ground that based on the decision of the Hon’ble Supreme Court in the case of Bangalore Club vs. CIT, 350 ITR 509 (SC), wherein, the Hon’ble Supreme Court held that the interest charges by the club is not exempt on the ground of mutuality and, therefore, sought to disallow the expenses claimed against the interest income from bank and other charges like receipts from venue charges from members’ guest, dinner receipts from members’ guest, receipts from cricke…

Assistant Commissioner of Income Tax, Pune vs. M/S. Poona Club Ltd., Pune

In the result, the appeal filed by the Revenue in ITA

ITA 1236/PUN/2017[2009-10]Status: DisposedITAT Pune20 Apr 2022AY 2009-10

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…13 Poona Club Ltd. by accepting returned income in the assessment u/s 143(1) of the Act. Now, the Assessing Officer seeking to reopen the assessment on the ground that based on the decision of the Hon’ble Supreme Court in the case of Bangalore Club vs. CIT, 350 ITR 509 (SC), wherein, the Hon’ble Supreme Court held that the interest charges by the club is not exempt on the ground of mutuality and, therefore, sought to disallow the expenses claimed against the interest income from bank and other charges like receipts from venue charges from members’ guest, dinner receipts from members’ guest, receipts from cricke…

DCIT, New Delhi vs. M/S. Deloitte Touche Tohmastu, Gurgaon

ITA 530/DEL/2016[2011-12]Status: DisposedITAT Delhi11 Apr 2022AY 2011-12

Bench: Sh. R. K. Panda & Sh. Anubhav Sharmaita No.6703/Del/2015, A.Y. 2008-09 Ita No.5760/Del/2015, A.Y. 2009-10 Ita No.5759/Del/2015, A.Y. 2010-11 Ita No.530/Del/2016, A.Y. 2011-12

…on [2018] 94 taxmann.com 27 (AAR- New Delhi) ii. CIT v. Bankipur Club Limited 226 ITR 97 (SC) iii. Chelmsford Club v. C.I.T. 243 ITR 89 (SC) 8 ITA No. 5759 & Ors. iv. Canara Bank Golden Jubilee Staff Welfare Fund v. DCIT 308 ITR 202 (Kar) v. Bangalore Club 350 ITR 509 (SC) vi. A P Moller Maersk AS vs. DIT (IT) [2017] 392 ITR 186 vii. CIT vs. Kotak Securities Ltd. [2016] 67 taxmann.com 356 (SC)] viii. KPMG 8] taxmann.com 118 [2017] 81 taxmann.com 118 (Mumbai Tribunal). ix. ITAT Delhi Bench ‘C’ in Assistant Director of Income Tax (E), Trust Circle II, vs. Hologram Manufacturers Association in Appeal No. 3383/Del…

DCIT (International Taxation), New Delhi vs. M/S Deloitte Touche Tohmastu, Gurgaon

ITA 6703/DEL/2015[2008-09]Status: DisposedITAT Delhi11 Apr 2022AY 2008-09

Bench: Sh. R. K. Panda & Sh. Anubhav Sharmaita No.6703/Del/2015, A.Y. 2008-09 Ita No.5760/Del/2015, A.Y. 2009-10 Ita No.5759/Del/2015, A.Y. 2010-11 Ita No.530/Del/2016, A.Y. 2011-12

…on [2018] 94 taxmann.com 27 (AAR- New Delhi) ii. CIT v. Bankipur Club Limited 226 ITR 97 (SC) iii. Chelmsford Club v. C.I.T. 243 ITR 89 (SC) 8 ITA No. 5759 & Ors. iv. Canara Bank Golden Jubilee Staff Welfare Fund v. DCIT 308 ITR 202 (Kar) v. Bangalore Club 350 ITR 509 (SC) vi. A P Moller Maersk AS vs. DIT (IT) [2017] 392 ITR 186 vii. CIT vs. Kotak Securities Ltd. [2016] 67 taxmann.com 356 (SC)] viii. KPMG 8] taxmann.com 118 [2017] 81 taxmann.com 118 (Mumbai Tribunal). ix. ITAT Delhi Bench ‘C’ in Assistant Director of Income Tax (E), Trust Circle II, vs. Hologram Manufacturers Association in Appeal No. 3383/Del…

DCIT, Intl. Taxation, New Delhi vs. Deloitte Touche Tohmastu, Gurgaon

ITA 5760/DEL/2015[2009-10]Status: DisposedITAT Delhi11 Apr 2022AY 2009-10

Bench: Sh. R. K. Panda & Sh. Anubhav Sharmaita No.6703/Del/2015, A.Y. 2008-09 Ita No.5760/Del/2015, A.Y. 2009-10 Ita No.5759/Del/2015, A.Y. 2010-11 Ita No.530/Del/2016, A.Y. 2011-12

…on [2018] 94 taxmann.com 27 (AAR- New Delhi) ii. CIT v. Bankipur Club Limited 226 ITR 97 (SC) iii. Chelmsford Club v. C.I.T. 243 ITR 89 (SC) 8 ITA No. 5759 & Ors. iv. Canara Bank Golden Jubilee Staff Welfare Fund v. DCIT 308 ITR 202 (Kar) v. Bangalore Club 350 ITR 509 (SC) vi. A P Moller Maersk AS vs. DIT (IT) [2017] 392 ITR 186 vii. CIT vs. Kotak Securities Ltd. [2016] 67 taxmann.com 356 (SC)] viii. KPMG 8] taxmann.com 118 [2017] 81 taxmann.com 118 (Mumbai Tribunal). ix. ITAT Delhi Bench ‘C’ in Assistant Director of Income Tax (E), Trust Circle II, vs. Hologram Manufacturers Association in Appeal No. 3383/Del…

DCIT, Intl. Taxation, New Delhi vs. Deloitte Touche Tohmastu, Gurgaon

ITA 5759/DEL/2015[2010-11]Status: DisposedITAT Delhi11 Apr 2022AY 2010-11

Bench: Sh. R. K. Panda & Sh. Anubhav Sharmaita No.6703/Del/2015, A.Y. 2008-09 Ita No.5760/Del/2015, A.Y. 2009-10 Ita No.5759/Del/2015, A.Y. 2010-11 Ita No.530/Del/2016, A.Y. 2011-12

…on [2018] 94 taxmann.com 27 (AAR- New Delhi) ii. CIT v. Bankipur Club Limited 226 ITR 97 (SC) iii. Chelmsford Club v. C.I.T. 243 ITR 89 (SC) 8 ITA No. 5759 & Ors. iv. Canara Bank Golden Jubilee Staff Welfare Fund v. DCIT 308 ITR 202 (Kar) v. Bangalore Club 350 ITR 509 (SC) vi. A P Moller Maersk AS vs. DIT (IT) [2017] 392 ITR 186 vii. CIT vs. Kotak Securities Ltd. [2016] 67 taxmann.com 356 (SC)] viii. KPMG 8] taxmann.com 118 [2017] 81 taxmann.com 118 (Mumbai Tribunal). ix. ITAT Delhi Bench ‘C’ in Assistant Director of Income Tax (E), Trust Circle II, vs. Hologram Manufacturers Association in Appeal No. 3383/Del…

M/S. Indraprasth Co.Op. Housing Society Limited, Ahmedabad vs. The Pr. CIT-5, Ahmedabad

In the result, the matter is being restored to the file of A

ITA 971/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad08 Apr 2022AY 2012-13
For Appellant: Shri B.T. Thakkar, A.RFor Respondent: Shri Rajesh Kumar, CIT-D.R
Section 143(3)Section 263Section 80P

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “C” BENCH (Conducted Through Virtual Court) Before: Shri Waseem Ahmed, Accountant Member And Shri Siddhartha Nautiyal, Judicial Member ITA No. 971 /Ahd/2017 Assessment Year 2012-13 M/s. Indraprasth Co-op. Principal Housing Society Ltd., Commissioner of Block No. N 302, Vs Income Tax-5, Nr. Surdhara Bungalows, Ahmedabad Auda Garden, (Respondent) Prahladnagar, Ahmedabad-380015 PAN: AAAAI3584Q (Appellant) Assessee by: Shri B.T. Thakkar, A.R. Revenue by: Shri Rajesh Kumar, CIT-D.R. Date of hearing : 09-02-2022 Date of pronouncement : 08-04-2022 आदेश/ORDER P…

Audit Bureau of Circulations, Mumbai vs. ITO (E) 1(1), Mumbai

In the result, the appeal of the assessee vide ITA No

ITA 6393/MUM/2016[2012-13]Status: DisposedITAT Mumbai06 Apr 2022AY 2012-13
For Appellant: Shri Sunil Nahta &For Respondent: Shri Mehul Jain
Section 11Section 13Section 13(8)Section 2(15)

…1 ITA No. 6393/Mum/2016 & ITA Nos.2040 to 2043/Mum/2019 AYs. 2009-10 to 2014-15 M/s Audit Bureau of Circulations Vs. ITO (Exemption)-1(1) IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORESHRI AMARJIT SINGH, ACCOUNTANT MEMBER & Ms. KAVITHA RAJAGOPAL, JUDICIAL MEMBER ITA No.2040 to 2043/Mum/2019 (A.Ys. 2009-10, 2010-11, 2013-14 & 2014-15) M/s Audit Bureau of Vs. Income Tax Officer Circulations, Wakefield (Exemption)-1(1) House, 4th Floor, Sprott 508, 5th Floor, Piramal Road, Ballard Estate, Chamber, Lal Baug, Parel Mumbai – 400001 Mumbai - 400012 "थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAATA4100F App…

Galleria Condominium Association, Gurgaon vs. Income Tax Officer, Ward-1(3), Gurgaon

In the result, all the appeals filed by the assessee are remanded back to the file of the Assessing Officer for fresh assessment

ITA 1053/DEL/2021[2011-2012]Status: DisposedITAT Delhi21 Feb 2022AY 2011-2012

Bench: Shri Amit Shuklaas S.M.C. (Through Video Conferencing)

For Appellant: N o n eFor Respondent: Shri Sanjay Kumar, Sr.DR
Section 147Section 250Section 4(5)

…has taxed the interest income from the deposit from the bank and stated that it is not covered under principal of mutuality following the judgement of the Hon’ble Supreme Court in the case of Bangalore Club Vs. Commissioner Page 7 of 10 of Income Tax (2013) 350 ITR 509 (SC) and also has computed income from house property under Section 23 and also taxed the professional fee as business income. 9. The ld. CIT (Appeals) in its consolidated order has noted that assessee has not pressed the grounds relating to taxing of income under the house property, interest income and income from professional charges, albeit ha…

Galleria Condominium Association, Gurgaon vs. Income Tax Officer, Ward-1(3), Gurgaon

In the result, all the appeals filed by the assessee are remanded back to the file of the Assessing Officer for fresh assessment

ITA 1052/DEL/2021[2010-11]Status: DisposedITAT Delhi21 Feb 2022AY 2010-11

Bench: Shri Amit Shuklaas S.M.C. (Through Video Conferencing)

For Appellant: N o n eFor Respondent: Shri Sanjay Kumar, Sr.DR
Section 147Section 250Section 4(5)

…has taxed the interest income from the deposit from the bank and stated that it is not covered under principal of mutuality following the judgement of the Hon’ble Supreme Court in the case of Bangalore Club Vs. Commissioner Page 7 of 10 of Income Tax (2013) 350 ITR 509 (SC) and also has computed income from house property under Section 23 and also taxed the professional fee as business income. 9. The ld. CIT (Appeals) in its consolidated order has noted that assessee has not pressed the grounds relating to taxing of income under the house property, interest income and income from professional charges, albeit ha…

Galleria Condominium Association, Gurgaon vs. Income Tax Officer, Ward-1(5), Gurgaon, Gurugram

In the result, all the appeals filed by the assessee are remanded back to the file of the Assessing Officer for fresh assessment

ITA 1038/DEL/2021[2009-10]Status: DisposedITAT Delhi21 Feb 2022AY 2009-10

Bench: Shri Amit Shuklaas S.M.C. (Through Video Conferencing)

For Appellant: N o n eFor Respondent: Shri Sanjay Kumar, Sr.DR
Section 147Section 250Section 4(5)

…has taxed the interest income from the deposit from the bank and stated that it is not covered under principal of mutuality following the judgement of the Hon’ble Supreme Court in the case of Bangalore Club Vs. Commissioner Page 7 of 10 of Income Tax (2013) 350 ITR 509 (SC) and also has computed income from house property under Section 23 and also taxed the professional fee as business income. 9. The ld. CIT (Appeals) in its consolidated order has noted that assessee has not pressed the grounds relating to taxing of income under the house property, interest income and income from professional charges, albeit ha…

Laxmi Finance & Leasing Companies Commercial Premises Cooperative Society Ltd, Mumbai vs. Asst CIT 14(1), Mumbai

In the result, both the appeals filed by the assessee are partly allowed

ITA 4521/MUM/2015[2011-12]Status: DisposedITAT Mumbai28 Jan 2022AY 2011-12

Bench: Shri S Rifaur Rahman & Shri Pavan Kumar Gadalem/S. Laxmi Finance & Vs. Acit – 14(1) Leasing Companies, Earnest House, Commercial Premiss Nariman Point, Co-Op Society Ltd., Mumbai – 400 021. Laxmi Towers, Plot No. C-25, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051. Pan/Gir No. : Aaajl0006F Appellant .. Respondent M/S. Laxmi Finance & Vs. Acit – 18(2) Leasing Companies, Earnest House, Commercial Premiss Nariman Point, Co-Op Socitey Ltd., Mumbai – 400 021. Laxmi Towers, Plot No. C-25, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051. Pan/Gir No. : Aaajl0006F Appellant .. Respondent

For Appellant: Shri. P.J. Pardiwalla, Sr. AdvFor Respondent: Shri. Mehul Jain, DR
Section 143(1)Section 143(2)Section 143(3)Section 234B

…e concept of mutuality as stated in the case of M/s. Sind Co- Hon‟ble operative Housing Pvt. Ltd., vs. ITO by the Jurisidictional High Court reported in 317 ITR 47 and the decision of the Hon‟ble Supreme Court in the case of Bangalore club vs. CIT reported in 350 ITR 509 had laid down four questions to be answered:- i) Is there any commerciality involved? ii) From the moneys received are the services offered in nature of profit sharing or privileges or advantages and conveniences? iii) Are the participants and the contributors are identifiable and belonged to the same class in the case of co-operative society?…

The Secunderbad Club, Hyderabad vs. ITO Ward -10(2), Hyderabad

Appeal is dismissed in above terms

ITA 166/HYD/2021[2016-17]Status: DisposedITAT Hyderabad27 Jan 2022AY 2016-17

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri S.Rama Rao, ARFor Respondent: Shri L.Jeevanlal, DR
Section 143(3)

…ground that such income does not come under the purview of principle of mutuality. It is not out of place to mention here that, after the decision of the jurisdictional High Court (supra), the Hon'ble Supreme Court in the case of Bangalore Club Vs. CIT [2013] 350 ITR 509, while adjudicating an identical issue, held that interest earned by assessee club on fixed deposits from its member banks would not be exempted from tax on the basis of doctrine of mutuality. 8.3 Accordingly, respectfully following the decision of Hon'ble jurisdictional High Court in the assessee's own case for the AY 1996- 97 (supra) and the de…

Sobha Nagasandra Apartment Owners Welfare Association, Bangalore vs. Deputy Commissioner of Income Tax Circle-6(2)(1), Bangalore

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 769/BANG/2019[2015-16]Status: HeardITAT Bangalore03 Jan 2022AY 2015-16

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.H.V.Gowthamma, CAFor Respondent: Sri.Ananda H., Addl.CIT-DR
Section 143(3)

…ceived from Bank should have been adjusted against the expenditure incurred for maintenance of the Apartment. 6. The learned Commissioner of Income Tax should not have taken reference of the judgment of Hon'ble Apex Court in the case of Bangalore Club Vs CIT, 350 ITR 509, which is entirely distinguishable from the fact of the present Association. 7. The learned Commissioner of Income Tax ought to have appreciated the fact that wear & tear in respect of assets like Lifts & Water Treatment Plant is also part & parcel of the assets of the Association and the depreciation is directly relatable to the maintenance of t…

M/S United Services Club, Mumbai vs. ITO 17(3)(5), Mumbai

In the result, both the appeals of the assessee are dismissed

ITA 446/MUM/2020[2010-11]Status: DisposedITAT Mumbai25 Nov 2021AY 2010-11
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘SMC‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI AMARJIT SINGH, JUDICIAL MEMBER & M/s. United Services Club Vs. ITO 17(3)(5) Room No.137, 1st Floor Robert Road, Near R C Church Aayakar Bhavan Colaba, Mumbai – 400 005 M.K.Road, Mumbai – 400 020 PAN/GIR No.AAABU0047P (Appellant) .. (Respondent) Assessee by None Revenue by Shri Abdul Hakeem Date of Hearing 22/11/2021 Date of Pronouncement 25/11 /2021 आदेश / O R D E R PER M. BALAGANESH (A.M): These appeals in ITA No.446/Mum/2020 & ITA No.447/Mum/2020 for A.Y.2010-11 & 2011-12 arises out of the order…

Secunderabad Club, Hyderabad vs. ITO Ward-10(2), Hyderabad

Appeal is dismissed

ITA 153/HYD/2021[2013-14]Status: DisposedITAT Hyderabad15 Nov 2021AY 2013-14

Bench: Shri S.S. Godara & Shri L. P. Sahu(Through Virtual Hearing) M/S. Secunderabad Club, Hyderabad. Pan Aaaat2534E …..Appellant. Vs. Income Tax Officer, Ward 10(2), Hyderabad. …..Respondent. Appellant By : None. Respondent By : Shri Paruchuri Dinesh. (D.R.) Date Of Hearing : 18.10.2021. Date Of Pronouncement : 16.11.2021. O R D E R Per Shri S.S. Godara, J.M. : This Assessee’S Appeal For Asst. Year 2013-14 Arises From The Commissioner Of Income Tax (Appeals)-6, Hyderabad’S Order Dt.16.02.2018 Passed In Case No.0051/2016-17/B2/Cit(A)-6 In Proceedings Under Section 143(3) Of The Income Tax Act, 1961 (‘The Act’).

For Appellant: NoneFor Respondent: Shri Paruchuri Dinesh. (D.R.)
Section 14Section 143(3)Section 2(24)(vii)Section 71

…e about the assessee being eligible for mutuality benefit regarding the deficit account herein resulting in negative figure of Rs.18,58,643 claimed as eligible for set off u/s.71 of the Act. Hon’ble apex court’s landmark decision in Bangalore Club case (2013) 350 ITR 509 (SC) has settled the law that an assessee has to satisfy the three essential ingredients for the purpose of getting mutuality benefit i.e. a complete identity between contributors and participators, their actions to be very much in furtherance to mandate of the club and that there is no scope for any kind of profiteering from the fund created by…

The Legend Condominium Association, Gurgaon vs. ITO Ward - 4(1), Gurgaon

In the result, the appeal filed by the assessee is accordingly dismissed

ITA 7162/DEL/2019[2014-15]Status: DisposedITAT Delhi30 Sept 2021AY 2014-15

Bench: Sh. N. K. Billaiya(Through Video Conferencing)

…m Clarion Properties 32,63,531/- Total 41,71,334/- 6. Assessee was required to explain as to why the income from commercial activities and non members be not brought to tax in view of judgment of the Hon’ble Supreme Court in the case of CIT Vs. Bangalore Club 350 ITR 509. No plausible reply was given by the assessee the only reply given by the assessee is that “on the basis of income earned and expenses incurred, the AOP has filed the ITR and due taxes has been paid showing income under the head profit and gains from business and profession as well as income from other sources. 7. After considering the facts and…

Asst CIT 18(2), Mumbai vs. Laxmi Finance & Leasing Companies Commerical Premises Co Op Soc. Ltd, Mumbai

In the result, all the appeals of the assessee are partly allowed and all the appeals of the Revenue are dismissed

ITA 4708/MUM/2015[2011-12]Status: DisposedITAT Mumbai07 Sept 2021AY 2011-12
Section 143(3)Section 143(3)(ii)

…he concept of mutuality as stated in the case of M/s. Sind Co-operative Housing Pvt. Ltd., vs. ITO by the Hon‟ble Jurisidictional High Court reported in 317 ITR 47 and the decision of the Hon‟ble Supreme Court in the case of Bangalore club vs. CIT reported in 350 ITR 509 had laid down four questions to be answered:- i) Is there any commerciality involved? ii) From the moneys received are the services offered in nature of profit sharing or privileges or advantages and conveniences? iii) Are the participants and the contributors are identifiable and belonged to the same class in the case of co-operative society? iv…