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of <h1>Supreme Court dismisses Revenue's appeal due to low tax effect, aligns with Secunderabad Club judgment, disposes pending applications.</h1> <h3>COMMISSIONER OF INCOME TAX GHAZIABAD & ANR. Versus M/s. NOIDA GOLF COURSE SOCIETY (REGD)</h3> The SC granted leave and resolved two appeals in line with the judgment in Secunderabad Club vs. Commissioner of Income-tax. The Revenue's appeal was ... Doctrine of mutuality - interest income on FDRs and mutual funds arises out of the funds invested with non-members - HELD THAT:- It is common ground that the issue arising for consideration is covered by the judgment of this court in Secunderabad Club [2023 (8) TMI 925 - SUPREME COURT] and therefore the appeals should be disposed of in terms of the judgment as held that interest income earned on fixed deposits made in the banks by the appellant Clubs has to be treated like any other income from other sources within the meaning of Section 2(24) of Income Tax Act, 1961. Revenue’s appeal is covered by the low tax effect as indicated in Circular No. 17 of 2019 dated 08.08.2019 issued by Department of Revenue, Ministry of Finance. In view of the above, both these appeals are disposed of. The Supreme Court granted leave and disposed of two appeals based on the judgment in Secunderabad Club vs. Commissioner of Income-tax. The Revenue's appeal was covered by low tax effect as per Circular No. 17 of 2019. Pending applications were also disposed of.
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