Darbhanga Mansion Coop. Housing Society Limited v. Income Tax Officer – 16(2), Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1453 OF 2007 Darbhanga Mansion Coop. Housing Society Limited..Appellant. Versus Income Tax Officer – 16(2), Mumbai ..Respondent. Mr.F.V. Irani with Mr.Atul K. Jasani for the appellant.Mr.P.S. Sahadevan for the respondent. CORAM : Dr.D.Y. Chandrachud & J.P. Devadhar, JJ. DATE : 3 August 2010. P.C. : 1.The appeal by the assessee was admitted on 15 July 2008 on four substantial questions of law. The learned Counsel appearing on behalf of the assessee and the learned Counsel for the Revenue are agreed in stating that it would be sufficient for the Court to answer the first question as formulated, which reads as follows : “Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the amount of transfer fees of Rs.40,000/- and the contribution to building heavy repair fund of Rs.42,48,000/- received by the Appellant during the year under consideration were exigible to tax ? 2.Both the learned Counsel are agreed in stating that in view of the judgment of the Division Bench in Sind Cooperative Housing Society V/s. Income Tax Officer[1], this question would have to be answered in the negative, in favour of the assessee and against the Revenue. Similarly, it has been agreed between the Counsel that in view of the answer to the first question, the remaining three questions which were formulated in the order of admission will not survive. The appeal is disposed of in the above terms. There shall be no order as to costs. (J.P. Devadhar, J.) (Dr.D.Y. Chandrachud, J.)