Supreme Court · 2018 INSC 232 · Decided 12 March 2018
Income Tax Officer, Mumbai v. Venkatesh Premises Cooperative Society LTD.
- Court
- Supreme Court of India
- Citation
- 2018 INSC 232 · [2018] 3 S.C.R. 214
- Case number
- CIVIL APPEAL No. 2706/2018
- Decided
- 12 March 2018
- Bench
- R.F. NARIMAN, NAVIN SINHA (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 2(24)
Headnote
Income Tax Act, 1961: Exemption from income tax - Of certain receipts by Co- operative Societies from its members i.e. non-occupancy charges, transfer charges, common amenity fund charges etc., on the basis of doctrine of mutuality - Stand by are in the nature of business income, generating profits and surplus, having an element of commerciality and therefore exigible to tax - Held: Doctrine of mutuality is premised on the theory that a person cannot make a profit from himself - The essence of the principle lies in
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