https://www.taxtmi.com/caselaws?id=66715 Interest earned by a mutual club on deposits placed with its corporate members was treated as exempt under the doctrine of mutuality because the club was a mutual benefit concern, the contributors and participators were identical, and the deposits were incidental parking of surplus funds rather than commercial dealings. Claims sought after reopening of assessment were not entertainable because concluded matters could not be re-agitated in reassessment proceedings. The appeals were therefore allowed on the mutuality issue but failed on the post-reopening claim issue, resulting in partial relief. en-us Thu, 30 Jun 2005 00:00:00 +0530 Sat, 05 Mar 2011 18:21:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66715 Interest earned by a mutual club on deposits placed with its corporate members was treated as exempt under the doctrine of mutuality because the club was a mutual benefit concern, the contributors and participators were identical, and the deposits were incidental parking of surplus funds rather than commercial dealings. Claims sought after reopening of assessment were not entertainable because concluded matters could not be re-agitated in reassessment proceedings. The appeals were therefore allowed on the mutuality issue but failed on the post-reopening claim issue, resulting in partial relief. Case-Laws Income Tax Thu, 30 Jun 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66715