Doctrine of Mutuality saves society being taxed

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) held that surplus arising from maintenance charges, property tax recoveries and other contributions collected by a co-operative housing society from its members is not taxable by virtue of the doctrine of mutuality. 

The Tribunal also deleted the fee levied under Section 234F, holding that the return had been filed within the prescribed due date applicable to audited co-operative societies.