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“Section 2(24)(vii)”

Section References (mined)Section 2Section 2(24)(vii)4 judgments

The decision most relied on for Section 2(24)(vii) is CIT v. Yokogawa India Ltd. (341 ITR 385), cited in 270 judgments on BharatTax.

Leading authorities on Section 2(24)(vii)

CIT v. Yokogawa India Ltd.
341 ITR 385 · 2012 · High Court
270
citing judgments

A provision for doubtful debts cannot be added back while computing book profits under Section 115JB of the Income-tax Act for Minimum Alternate Tax (MAT) purposes.

Para 21, 22, 24, 25, 26 10. Magotteaux International SA v. DCIT
141 Taxmann.com 8 · 2022 · Reported
13
citing judgments

Fees for computer software and technical services are taxable as fees for technical services under the Income Tax Act and are not royalties, unless the software is embedded with an enduring benefit and is integral to the business.

CIT v. Kay Arr Enterprises
299 ITR 348 · 2008 · High Court
13
citing judgments

A family arrangement or settlement does not give rise to any income. This is because it represents the working out of existing rights among family members rather than a transfer of property.

CIT v. Kamal Behari Lal Singha
82 ITR 460 · 1971 · Reported
13
citing judgments

The nature of a receipt as capital or revenue is determined by its character in the hands of the recipient, not the payer.

Judgments citing Section 2(24)(vii)

Vidyut Employees Co-Operative Housing Society, Hyderabad vs. DCIT, Circle-6(1), Hyderabad

In the result, appeal of the Assessee is partly allowed

ITA 1878/HYD/2025[2018-19]Status: DisposedITAT Hyderabad27 Feb 2026AY 2018-19

Bench: Shri Vijay Pal Raoआ.अपी.सं /Ita No.1878/Hyd./2025 Assessment Year 2018-2019 Vidyut Employees Co- The Dcit, Operative Housing Vs. Circle-6(1), Society, Hyderabad. Hyderabad – 500 004. Pin – 500 034. Telangana. Telangana. Pan Aaaav5182H (Appellant) (Respondent) िनधा"रती "ारा /Assessee By: Sri Y V Bhanu Narayan Rao, Ca राज" व "ारा /Revenue By: Sri Suresh Babu Kn, Sr. Ar सुनवाई की तारीख/Date Of Hearing: 26.02.2026 घोषणा की तारीख/Pronouncement: 27.02.2026 आदेश/Order

For Appellant: Sri Y V Bhanu Narayan Rao, CAFor Respondent: Sri Suresh Babu KN, Sr. AR
Section 144BSection 147Section 148Section 148ASection 151ASection 250

Section 2(24) of the Income Tax Act defines taxable income. The income of a co-operative society from business is taxable under Section 2(24)(vii) and will stand excluded from the principle of mutuality. The essence of the principle of mutuality lies in the commonality of the contributors

The Venus Parkland Co-Operative Housing Service Society Ltd., Ahmedabad vs. The ITO, Ward-3(3)(5), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 1347/AHD/2025[2020-21]Status: DisposedITAT Ahmedabad10 Sept 2025AY 2020-21

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinhaassessment Year: 2020-21

Section 143(3)

Section 2(24) of the Income Tax Act defines taxable income. The income of a co-operative society from business is taxable under Section 2(24)(vii) and will stand excluded from the principle of mutuality. The essence of the principle of mutuality lies in the commonality of the contributors

The Venus Parkland Co.Operatgive Housing Service Society Ltd., Ahmedabad vs. The Income Tax Officer, Ward-3(3)(5), Ahmedabad

In the result, the appeal filed by the Assessee is partly allowed

ITA 1039/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad07 Aug 2024AY 2018-19

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

Section 143(3)Section 56Section 57Section 80PSection 80P(2)(c)

Section 2(24) of the Income Tax Act defines taxable income. The income of a co-operative society from business is taxable under Section 2(24)(vii) and will stand excluded from the principle of mutuality. The essence of the principle of mutuality lies in the commonality of the contributors

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

regarded as income and taxable. Section 2(24) defines taxable income. The income of a cooperative society from business is taxable under section 2(24)(vii) and will stand excluded from the principle of mutuality. The essence of the principle of mutuality lies in the commonality of the contributors