ITO v. Venkatesh Premises Co-operative Society Ltd.

EVEREST GRANDE COMMERCIAL PREMISES CO-OP. SOCIETY LTD,MUMBAI vs. ITO, 24 (1)(1), MUMBAI

In the result, the appeal by the assessee is allowed

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhaileverest Grande Commercial Premises Co- Op. Society Ltd Cts 46/34, Plot 3A Everest Grande Society, Mahakali Caves Road, Andheri Kurla Road, ............... Appellant Andheri (East), Mumbai- 400093 Pan: Aaaae5455A

…onfirming the addition of Rs. 11,48,308/- & disallowing deduction u/s 80P (2) (d). 2). The learned CIT (Appeals) erred in not considering Mutuality principal & erred in not following hon’ble SC judgement in ITO vs. VENKATESH PREMISES CO-OPERATIVE SOCIETY LTD. 402 ITR 670 (SC) Para 10.” 3. The sole grievance of the assessee is against the denial of deduction claimed under section 80P(2)(d) of the Act on the interest income earned from deposits maintained with Co-operative Banks. 4. The brief facts of the case are that the assessee is registered as the Commercial Co-Operative Society under the Maharashtra Co-Oper…

DEPUTY COMMISSIONER OF INCOME TAX -23(1), MUMBAI vs. LAXMI FINANCE AND LEASING COMPANIES CO-OP. SOCIETY LTD, MUMBAI

In the result, appeals of the Revenue and Cross

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

…ind that this argument of the ld. DR need not be gone into at all in view of the fact that as on date, the issue in dispute before us is already decided by the Hon‟ble Apex Court in the case of ITO vs. Venkatesh Premises Co-operative Society Ltd., reported in 402 ITR 670. Respectfully following the aforesaid decision of Hon‟ble Supreme Court, we hold that the receipt of Rs.5 lakhs on account of transfer fee / amenities fee cannot be brought to tax as income of the assessee. Accordingly, the ground No.1 raised by the assessee is allowed. 10. Accordingly, appeal of the department is dismissed. 11. We have already…

GAYATRI COMMERCIAL PREMISES CO-OP SOCIETY LTD,MUMBAI vs. CPC/ITO.22(1)(4), MUMBAI

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No.114/Mum/2023 (निर्धारण वर्ा / Assessment Years: 2019-20) Gayatri Commercial Premises बिधम/ Cpc/Ito, 22 (1)(4) Co-Op, Society Ltd. 3Rd Floor, Piramal Chambers Vs. Unit No. 102/103, Behind Lalbaugh Mumbai- 400034 Mittal Ind. Estate Andheri Kurla Andheri (East) Mumbai- 400059 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaag5064D (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri. N.R. Agarwal Revenue By: Shri. Krishna Kumar, (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 15/03/2023 घोषणा की तारीख /Date Of Pronouncement: 31/05/2023 आदेश/Order Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Cit(A)/Nfac Dated 13-12-2022 For Ay 2019-20 Confirming The Addition Of Rs. 93,20,286/-. 2. The Assessee Society Has Raised The Following Grounds Of Appeal Reads As Under: - “1. The Ld. Cit(A) Erred In Confirming The Addition Of Rs.93,20,286/- As A Business Income In Order Passed U/S 143(1) & 154 Of The Act By Cpc. 2. The Ld. Cit(A) Erred In Not Granting Deduction Under Mutuality Principal.” 3. The Regarding Ground No. 1, The Ld. Cit(A) Has Dismissed The Ground Of Appeal Of The Assessee By Observing As Under: - “The Ld. Cit(A) Has Rejected The Assessees’S The Ground Of Appeal By Observing At Para No. 7 Of The Impugned Order As Under:-

…t & loss account. Hence according to him, Rs. 93,20,286 (Maintenance Charges) claimed as exempt on the principle of Mutuality was not taxable, as per the law laid by Hon'ble Supreme Court in the case of in ITO vs. VENKATESH PREMISES CO- OPERATIVE SOCIETY LTD. 402 ITR 670 (SC) wherein at para 10 held ‘…….The income of the assessee is contributed by its members. The assessee has been formed specifically with the object of providing a common effluent facility to its members. The income is not generated out of dealings with any third party. The entire contribution originates in its members and is expended only in fur…

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

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

…Mumbai in the hands of the assessee. Aggrieved by this finding, the assessee is in appeal before us. 6.5. The ld. AR placed reliance on the decision of the Hon‟ble Supreme Court in the case of ITO vs. Venkatesh Premises Co- operative Society Ltd., reported in 402 ITR 670 wherein this issue has already been decided in favour of the assessee. The facts of that case and decision rendered thereon are as under:- FACTS: “In the course of assessment, the Assessing Officer held that receipt of non-occupancy charges by the assessee-society from its members, to the extent it was beyond 10 per cent of the service charges/…

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

…axable in the hands of the assessee. Aggrieved by this finding, the assessee is in appeal before us. 6.5. The ld. AR placed reliance on the decision of the Hon‟ble Supreme Court in the case of ITO vs. Venkatesh Premises Co-operative Society Ltd., reported in 402 ITR 670 wherein this issue has already been decided in favour of the assessee. The facts of that case and decision rendered thereon are as under:- FACTS:  “In the course of assessment, the Assessing Officer held that receipt of non-occupancy charges by the assessee-society from its members, to the extent it was beyond 10 per cent of the service charges…

HAPPY HOME CO-OPERATIVE HOUSING SOC. LTD.,MUMBAI vs. ITO 25 (2)(4), MUMBAI

In the result, appeal is allowed for statistical purposes

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwalassessment Year: 2013-14 M/S Happy Home Co-Operative I.T.O. – 25 (2)(4), Housing Society Limited, Room No. 503, C-10, Pratyaksh Happy Homes Chs Ltd., Kar Bhawan, Bandra Kurla Nehru Road, Opp. Jal Hotel, Vs. Complex, Bandra (East), Vile Parle (East), Mumbai - 400051 Mumbai - 400057 Pan: Aaaah4036N (Appellant) (Respondent) Assessee By : Shri Piyush Chaturvedi (Ar) Revenue By : S/Shri Gurbinder Singh & Satya Pinisetty (Drs) Date Of Hearing: 26/03/2021 Date Of Pronouncement: 21/06/2021

…eafter the lease premium was collected from it. Thus, at the time of contribution of lease premium it was a participator. Further, referring to the decision of the Hon’ble Supreme Court in case of ITO vs. Venkatesh Premises Co-operative Housing Society Ltd., (402 ITR 670), he submitted, once a person is admitted to membership, the members form a class and identity of the individual member being irrelevant, the principle of mutuality gets automatically attracted. He submitted, appropriation of money by the society if takes place after admission to membership, it will be governed under the principle of mutuality. F…

THE NUTAN LAXMI CO OPERITVE HOUSING SCOETY LTD,MUMBAI vs. ITO 21(1)(3), MUMBAI

In the result, both the appeals are treated as allowed

Bench: Shri B.R. Baskaran (Am)& Shri Pawan Singh (Jm)

…d, the AO had placed reliance on the decision rendered by Special bench in the case of Walkeshwar Triveni Co-op Hsg. Society Ltd. 13. We heard the parties on this issue. The Ld A.R placed reliance on the decision of Venkatesh Premises Co-op Hsg. Society Ltd (402 ITR 670)(SC) rendered by Hon’ble Supreme Court and contended that these receipts are exempt under mutuality principles. The Ld A.R also submitted that the new members have been admitted as Joint/associate members. Accordingly she submitted that the impugned receipt is exempt under mutuality principles. 14. On the contrary, the Ld D.R placed reliance on…