The Commissioner Of Income Tax – 21, Mumbai v. Jai Hind Chs Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1214 OF 2011 The Commissioner of Income Tax – 21, Mumbai..Appellant. Versus Jai Hind CHS Limited ..Respondent. Mr.Suresh Kumar for the appellant.Mr.F.V. Irani with Mr.Atul K. Jasani for the respondent. CORAM : J.P. Devadhar &M.S. Sanklecha, JJ. DATE : 10[th] January 2013 P.C. : 1.In this appeal from order dated 6[th] October 2010 of the Income Tax Appellate Tribunal for assessment year 2006-2007, the Revenue has raised the following questions of law for the consideration of this Court. “a)Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in holding that the amount received by the Society on account of TDR premium for use of additional FSI is considered to be non-taxable on the grounds of mutuality, ignoring the fact that the premium on such TDR is essentially a fee paid by the Developer, who is not a member of society for constructing additional area on the plot and selling it to non-members, hence principle of mutuality does not arise ? b)Whether on the facts and in the circumstances of the case, the Tribunal is correct in holding that the TDR premium amounting to Rs.57,46,540/- is exempt income on the principle of mutuality ?” 2.Counsel for the parties state that the aforesaid questions are covered in favour of the assessee and against the Revenue by the decision of this Court in Income Tax Appeal No.6057 of 2010 in the assessee's own case by order dated 21[st] March 2010. 3.In view of the above, there is no reason to entertain this appeal. The appeal is accordingly dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)