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of <h1>High Court rules Fund income non-taxable as it doesn't benefit subscribers. Govt liable for assessee's costs.</h1> <h3>Secretary to Board of Revenue Versus North Madras Mutual Benefit Co. Ltd.</h3> The High Court of Madras ruled that income from the Fund is not taxable as it does not benefit subscribers. The stakeholder cannot receive the income and ... - The High Court of Madras held that the income from the Fund is not assessable to income tax as it does not bring profit to the subscribers. The stakeholder is not entitled to receive the income and cannot be taxed on it. The Government is liable for the costs of the assessee.
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