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of <h1>Association of Air Cargo Agents' Mutual Fund investments upheld as exempt under mutuality principle (A)</h1> The Tribunal upheld the CIT(A) decision in a case involving an association of Air Cargo Agents. The issue revolved around the addition of amounts received ... - Issues involved: Appeal against CIT(A) order regarding addition of amount received from members and invested in Mutual Funds, claiming exemption under principle of mutuality for an association of Air Cargo Agents.Summary:Issue 1: Addition of amount received from members and invested in Mutual Funds- The association received subscription from members for welfare activities, invested surplus in shares/mutual funds not related to its main object.- AO contended contributions not covered by mutuality principles, hence taxable.- Assessee argued contributions for members' benefit, covered by mutuality principles.- CIT(A) accepted assessee's contention based on past assessments and Bombay High Court decision.- Revenue appealed citing Bangalore Club case, claiming funds deposited in banks violated mutuality principles.- Assessee distinguished case, emphasized funds used for members' benefit only.- Tribunal upheld CIT(A) decision, citing Bombay High Court precedent supporting mutuality in such cases.Conclusion: Revenue's appeal dismissed, CIT(A) order upheld based on mutuality principles and past assessments.
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