Income Tax Officer vs Venkatesh Premises Cooperative Society Ltd.

Whether receipts by cooperative societies from members (non-occupancy charges, transfer charges, common amenity fund charges, etc.) are exempt from income tax under the doctrine of mutuality --- Held Yes; Whether such receipts become taxable if they exceed limits specified in a government notification under Section 79-A of the Maharashtra Cooperative Societies Act --- Held No for premises societies (notification applies only to housing societies); Whether transfer fees paid by transferees before membership induction are taxable --- Held No (mutuality applies once membership is granted).