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TAXATION OF CO-OPERATIVE SOCIETY

This query is : Resolved 
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(Querist)
12 October 2009 CAN ANYONE PLEASE ADVICE ME THAT
'WHETHER BUILDING FUND CREATED BY A CO-OPERATIVE SOCIETY BY COLLECTING CONTRIBUTIONS BY ITS MEMBERS IS CHARGEABLE TO TAX UNDER INCOME TAX ACT, 1961?' PLEASE GIVE THE REFERENCE OF ANY CASE LAW IN THIS RESPECT.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
12 October 2009 No as it is govered by mutuality concept.
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CA. PRASAD

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CA. PRASAD (Querist)
12 October 2009 SIR, CAN U PLEASE GIVE ME THE REFERENCE OF ANY CASE LAW? MAY BE OF ITAT.
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sunny bansal

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sunny bansal (Expert)
12 October 2009 IT IS NOT BEACAUSE IT IS A CAPITAL RECEIPT FOR SOME SPECIFIC PURPOSES. I HAVE SEEN IN MANY CO-OPERATIVE SOCIETIES SUCH AMOUNT IS NOT TAKEN TO PROFIT & LOSSS ACCOUNTS BUT DIRECTLY CREDITED TO BUILDING FUND. THEY FOLLOWS SUCH PRACTICE FROM LAST MANT YEARS.
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