1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.953 OF 2008 M/s,Nepean Sea Rambha Co-op. Housing Society Ltd. ... Appellant. Vs. The Income Tax Officer, Ward 16(2)(1). ...Respondent. Mr.Ajay R.Singh for the Appellant. Mr. Suresh Kumar for the Respondent. CORAM : DR. D.Y.CHANDRACHUD & J.P. DEVADHAR, JJ. 18th January, 2010. P.C.: The appeal was admitted on the following substantial questions of law : “1. Whether the voluntary contribution received by the Co-operative Housing Society from its members towards major repair fund is exempt from income tax on the principle of mutuality? -2. Whether, on the facts and circumstances of the case, the Appellate Tribunal was right in law in holding that - -(a) amount received from an incoming member is not a capital receipt and -(b) Is also not exempt from tax on grounds of mutuality? -3. Whether the Tribunal was justified in law in holding that the contribution made by the transferor towards major repair fund was nothing but transfer fee and therefore contribution in excess of Rs.25,000/- was taxable profits and principle of mutuality is not applicable?” 2 In so far as the first two questions are concerned, the agreed position before the Court is that, these questions are covered in favour of the assessee, by the judgment of a Division Bench of this Court in Sind Co-op. Housing Society vs. ITO, (2009) 317 ITR 47. These questions of law shall stand answered accordingly, in terms of the judgment of the Division Bench, in the case of Sind Co-op. Housing Society (supra). In so far as the third question is concerned, Counsel appearing on behalf of the Assessee states that the question is not pressed. Questions 1 and 2 above, it is clarified, only relate to transfer fees paid by the transferor or, as the case may be, the transferee. The appeal shall accordingly stand disposed of. There shall be no order as to costs. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)