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TMI Blog2024 (6) TMI 1296X X X X Extracts X X X X X X X X Extracts X X X X ..... (2)(a)(i) and Taxability of Transfer Charges Received - whether the Samiti was entitled for exemption u/s 80-P(2)(a)(i) on the interest received by it. and whether the transfer charge received by it is not taxable income - Samiti submits that in Income Tax Officer, Mumbai v. Venkatesh Premises Cooperative Society Ltd. [ 2018 (3) TMI 675 - SUPREME COURT] as laid down the law on the subject and it has been held that the transfer charges payable by the outgoing member does not partake the nature of profit or commerciality as the amount is appropriated only after the transferee is inducted as the member and in view of the law laid down in Venkatesh Premises Cooperative Society Ltd. needs a relook and, accordingly, modified/reviewed. HELD THAT:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dvocate For the Respondents : Mr. Anurag Vijay, SC Mr. Om Prakash, Advocate ORDER PER I.A. No. 2610 of 2020 Civil Review No. 119 of 2019 has been filed seeking review of the judgment dated 14th February 2018 passed in Tax Appeal No. 16 of 2015. 2. I.A. No. 2610 of 2020 has been filed seeking condonation of delay in filing the Civil Review petition. 3. In this application, the Samiti has made the following statements: 3. That the appellant states that it was not aware of the judgment and order passed/pronounced by this Hon ble Court on 14.02.2018. 4. That the appellant states that it came to know of the judgment and order of the Hon ble Supreme Court of India case of Income Tax Officer, Mumbai v. Venkatesh Premises Co Operative Society Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the learned counsel. However, with a view to form a prima-facie opinion as to maintainability of this review petition, we deem it proper to record the stand taken by the rival parties. 5. In Tax Appeal No. 16 of 2015, a challenge was laid by Adarsh Sahkari Grih Nirman Swawlambi Samiti Limited (in short, Samiti) to the order passed by the Income Tax Appellate Tribunal at Ranchi (Circuit Bench) in ITA No. 136/ Ran/2010 for the assessment year 2002-03. The controversy involved was whether the Samiti was entitled for exemption under section 80-P(2)(a)(i) of the Income Tax Act, 1961 on the interest received by it. Another plea raised by the Samiti was that the transfer charge received by it is not taxable income. The writ Court after examining ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... versed or modified by the subsequent decision of the Superior Court in any other case that shall not form a ground for review of such judgment. The judgment in Venkatesh Premises Cooperative Society Ltd. was rendered on 12th March 2018 but before that Tax Appeal No. 16 of 2015 was dismissed by order dated 14th February 2018. Mr. Abhishek Kumar, the learned counsel who is also appearing for the Samiti has brought to our notice a decision in Govt. of NCT of Delhi through the Secretary, Land and building Department and Another v. M/s K. L. Rathi Steels Limited and Others 2023 LiveLaw (SC) 204 to support maintainability of this review petition on the basis of a subsequent judgment. However, the decision in M/s K. L. Rathi Steels Limited is a sp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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