https://www.taxtmi.com/caselaws?id=75710 The court upheld the decisions of the lower authorities, ruling against the assessee in two appeals concerning the taxation of interest income received from partners. The court found that the doctrine of mutuality did not apply as the partnership firm's primary objective was conducting business with third parties, not solely benefiting partners. The court emphasized the firm's broader business objectives and rejected the application of the mutuality principle, affirming the taxation of interest income from partners. Both appeals were dismissed. en-us Mon, 28 Jul 2008 00:00:00 +0530 Fri, 07 May 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75710 The court upheld the decisions of the lower authorities, ruling against the assessee in two appeals concerning the taxation of interest income received from partners. The court found that the doctrine of mutuality did not apply as the partnership firm's primary objective was conducting business with third parties, not solely benefiting partners. The court emphasized the firm's broader business objectives and rejected the application of the mutuality principle, affirming the taxation of interest income from partners. Both appeals were dismissed. Case-Laws Income Tax Mon, 28 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75710