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4. Before the CIT(A) the learned AR of the assessee had placed reliance on the judgment of High Court of Bombay in the case of Sind Co.Op. Hsg. Society Limited (317 ITR 47, 62-63) and contended that 4 Presidency Co. Op. Hsg. Soc.

this judgment had settled the issue of taxability of any amount received as transfer fees on the concept of Mutuality and has set to rest the controversy regarding its payment by the transferor or transferee. The ld. CIT(A) held that the amount received by the assessee on account of transfer fees is not taxable on the hands of the assessee.

mutuality. Moreover, we find that the issue is covered by the decision of ITAT in assessee's own case in AY 2001-02 (supra) wherein the ITAT held as under:-

"6........................The Hon'ble Bombay High Court in the case of Sindh Co-op. Hsg. Society Vs. CIT 317 ITR 47 and In the case of Mittal Court Premises CHS Ltd. V/s ITO 320 ITR 414 (Bom.) have held that transfer fees received from members is exempt on the concept of mutuality.

8.1 Further in the case of Sind Co. Op. Hsg. Soc. Vs ITO Mumbai 317 ITR 47 it has been held as follows: