COMMISSIONER OF INCOME TAX HAVING OFFICE AT AAYAKAR BHAVAN Vs. BARDEZ BAZAR CONSUMER COOP SOCIETY LTD

JUDGEMENT

(1.) This common judgment and order shall dispose of the above three appeals filed against the orders, of the Income Tax Appellate Tribunal, Panaji Branch (I.T.A.T.), dated 6/9/2006 in I.T.A. No. 214 to 217/PANJ/2005; 2/1/2006 in I.T.A. No. 29/PANJ/1998; and 9/7/2007 in I.T.A. No. 92/PNJ/2007, thereby holding that the principle of mutuality applies and that the income earned from members is liable to be exempted from tax.

(2.) The respondent is the assessee, which is a Co-operative Society registered under the Co-operative Societies Act, engaged in trading in consumer goods to its members as well as non-members.

(3.) Facts relevant for the disposal of the Tax Appeal no. 13 of 2007 may be stated as under: