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Victory For Cooperative Societies, As Supreme Court Approves The Principle Of Mutuality, For CHS Income

Courtesy/By: Shubham Mathur | 25 Oct 2018

Supreme Court of India has given a relief to cooperative societies by reducing the claim of the income tax authorities on levy of tax on many receipts like non occupancy charges, transfer fees, service charges and many more, collected by such societies. The dispute of the tax authorities revolved around a notification on 9^th August 2001 issued under section 79A of Maharashtra Cooperative Societies Act 1960.

Relaying on the notification the income tax department claims that as these societies have received service charges in more than 10 % of the non occupancy charges, it was against law, so the principle of mutuality fails in these types of case. The tax department held that such receipts are in the nature of business, having an element of commerciality and hence, principle of mutuality does not apply. The Income Tax Tribunal overruled the decision of the lower tax authorities, on the ground that the said notification was applicable only to cooperative societies and does not apply to commercial societies.

Courtesy/By: Shubham Mathur | 25 Oct 2018