Thursday, July 3, 2014

REFERESHER - a Revisit to Posts @ http://praja.in/en/blog/m...


UPDATE
Dec 23
itatonline




Transfer Fees recd by Co-op Hsg Soc from incoming & outgoing members (even in excess of limits) is exempt on the ground of mutuality






Taxation of Co-operative Housing Societies (CHS) & Income Tax ...

http://taxguru.in/income-tax/taxation-of-co-operative-housing-societies-chs-income-tax-retu...

22 May 2012 ... The cardinal requirement in case of mutual association is that “All the ... Thus this is also exempt on concept of Mutuality. ... and can always be argued in society's favour as in


< Related / not UNrelated ?!
Posted: 18 Oct 2014 08:25 PM PDT
In the present case, we find that the assessee has earned interest income on fixed deposits made by the assessee with sub-treasury, Meenachili, Kadappattoor and SBI Pala totaling Rs. 20,21,909/- and...


>>>>>>





Dec 11, 2013 ... Societies are functioning in violation of the Maharashtra Cooperative Society Act, more specifically by not executing the mandatory M-20 Bonds ...
taxguru.in/.../society-managing-committee-mc-checkmated-731ab.html

Oct 30, 2012 ... Criminal Revision Case filed under section 397 &amp; 401 of ... The petitioner who was serving as the Secretary of the Avinashi Co-operative Housing Society Limited, ... No doubt he comes under the definition of public servant as per .... exemption from the purview of the power of arrest by the inspector of ...
taxguru.in/.../secretary-society-public-servant-booked-corruption-hc.html

Mar 1, 2013 ... Till 31.03.2003 the assessee had claimed exemption under section 10(20A) of ... “On perusal of the object of the assessee society, it is noticed that the ... making a profit, or colonizing itself and then selling the houses with profit. .... Section 12AA( 3) is inserted by Finance (No.2) Act 2004 w.e.f. 01.10.2004.
taxguru.in/.../cit-cancel-registration-trust-granted-section-12a-wef-01062010. html



Jul 29, 2012 ... Provided that no subscription be paid to any such other association or ... or any part of the property of the club, whether moveable or immovable, ... Since then the assessee has been given benefit for exemption u/s 11 by the Department. .... Section 12AA(3) does not extend to re-examination of the “objects” ...
taxguru.in/.../cases-principle-mutuality-applicable-registration-12aa-cancelled -simply-relying-proviso-215.html





OLD
< Chronological - in Reverse Order) >

(Read more http://praja.in/en/blog/m...)


From An Accountant's (?!) Browser (DESK) !

"Duress and Undue Influence" - A Legal Plea, if rightly ..

  •  
Submitted by vswami on 12 June 2013 - 10:47am.
18 users have liked.
An Added Dimension vis a vis Arbitration X Court Litigation
Maharashtra Co-operative Societies Act, 1960 – Amendments 2013
May be contd.

Concept of "common areas" - Is not the prevailing confusion ..

  •  
Submitted by vswami on 28 May 2013 - 4:59pm.
Submitted by vswami on 6 February 2013 - 8:04am.


Submitted by vswami on 9 March 2013 - 12:39pm.

Submitted by vswami on 9 March 2013 - 12:39pm.

Comment:
From the buyers view point, it sounds a very welcome measure, albeit long overdue. That should put an end to the highly objectionable prevailing practice of buyer financing for a ‘product’ before it has qualified for sale, as a final product , with a profoundly ‘marketable title’..
Need to pin point , hopefully, the new idea might help in safeguarding the buyer’s rights and interests by insulating from the inherent / potential risks, and the resultant woes and hardships faced with otherwise.
(welcome to dilate)
Comment:
From the buyers view point, it sounds a very welcome measure, albeit long overdue. That should put an end to the highly objectionable prevailing practice of buyer financing for a ‘product’ before it has qualified for sale, as a final product , with a profoundly ‘marketable title’..
Need to pin point , hopefully, the new idea might help in safeguarding the buyer’s rights and interests by insulating from the inherent / potential risks, and the resultant woes and hardships faced with otherwise.
(welcome to dilate)

A Follow-on - On the mooted idea of court litigation

Submitted by vswami on 29 November 2012 - 8:45am.

Submitted by vswami on 31 October 2012 - 10:19am.

Submitted by vswami on 30 October 2012 - 8:30am.
23 users have liked.
Inviting attention to,-
Sum-up>
Q
Recently the High Court ruled that the Registration authorities do not have the power to verify the genuineness of content of the conveyance deed that is to be registered with the authority. The job of the registrar is to register the deed as it is.
This was a case of Deep Apartment Cooperative Housing Society versus State of Maharashtra and others. Deep Apartment Cooperative Housing Society had submitted the conveyance deed executed by their developer on November 9, 2011 for registration with the joint sub-registrar, Andheri-1. However, on February 18, 2012, the joint sub-registrar declined to register the conveyance deed stating that the title of the vendor – developer – had not been shown.
 UQ
<> The ruling the HC has given, in one's own individual conviction, if considered from the viewpoint of public interest, ushers in an unpleasant foreboding! (comment to be edited
For some connected points, suggest to read many of the well argued and considered court cases ; e.g. Ref.-

 May be, It is not but still open to a judicial review; in order to form a definitive opinion , to come to a final conclusion whether the ruling in the recently reported Bombay HC case could have been different, should the most important aspect of 'public policy' have been raised and gone into.

Note: As may be recalled, there have been similar court rulings in the recent past ; including one of the SC (under the Madras Stamp Act), another of the Kar. HC.


·         Submitted by vswami on 27 October 2012 - 9:43am.

Submitted by vswami on 24 October 2012 - 10:31am.

Submitted by vswami on 9 October 2012 - 9:32am.

Submitted by vswami on 7 October 2012 - 9:03am.

Submitted by vswami on 23 September 2012 - 8:35am.
24 users have liked.
Comment (as posted @AT website)>
(Offhand- unedited)
On a reading of the enactment, awaiting the President’s nod, without going through closely, the legislation cannot be faulted  but can only be commended to contain , in comparison to the extant law, many additional or improved features, tilted in favour of the ‘consumers’. More so, because those are likely to, and hopefully expected to, go a long way in ensuring and safeguarding the lawful rights and interests of the buyers' community at large.
Be that as it may, it is an inevitable reality  (as a wise man of our times is remembered to have said, - it is all left to providence; for,) in real life,  what is expected  may or may not happen, but  what is regarded as  ‘inevitable’ may  never happen.  As is often, in a helpless mood,   lamented,  - “no man is perfect’. That being so,  how then, a man-made law  could be expected  to be otherwise, - ‘perfect’ in its absolute sense. May be, should this be borne in mind, the new law, in its present avatar, is   not unlikely to throw up  problems , presently foreseen or otherwise, that could come in the way of a successful implementation or enforcement of any one or more  of its provisions.
That. nonetheless , from the point of view  of common good and public interest , can be no reason or excuse for the concerned authorities,  and others,  sincerely  striving  to move forward with a proper implementation and enforcement of each and every feature of the enactment.    
According to the first impression, however, there seems to be nothing in the legislation, to redeem / take care and remedy the deficiencies galore perpetrated and perpetuated, for decades, ever since the extant law came into force. That is, in respect of projects already 'completed' (though in a theoretical sense), seemingly left out of the ambit of the new enactment. It is anybody's worrisome guess whether the Government is contemplating suitable course(s) of action, that too in the near future, to bail out those who have been made a victim (so suffering for long) of the villainy.
The enactment, in terms, is applicable to ‘flats’; not to “apartments”, as in Karnataka (see the modified definition of “flat’).
What is in store for the apartment buyers in Karnataka  (besides in other States) still to be known; rather  remains for long  a ‘mystery’ !
(may  be contd.)

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