https://www.taxtmi.com/caselaws?id=64995 Receipts from members towards maintenance of a residential society, including common contributions, K-Block licence fee and electricity charges, were treated as exempt under the principle of mutuality because the contributors and participators were the same class of residents and the collections were for a common purpose. By contrast, interest earned on bank deposits was not regarded as a mutual receipt because it arose from investment of surplus funds with a third party and remained taxable, subject only to deduction of expenditure directly attributable to earning that interest. en-us Tue, 19 Nov 1996 00:00:00 +0530 Fri, 11 Feb 2011 15:35:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64995 Receipts from members towards maintenance of a residential society, including common contributions, K-Block licence fee and electricity charges, were treated as exempt under the principle of mutuality because the contributors and participators were the same class of residents and the collections were for a common purpose. By contrast, interest earned on bank deposits was not regarded as a mutual receipt because it arose from investment of surplus funds with a third party and remained taxable, subject only to deduction of expenditure directly attributable to earning that interest. Case-Laws Income Tax Tue, 19 Nov 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64995