https://www.taxtmi.com/caselaws?id=103423 The appeal of the assessee was partly allowed in the case. The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee on the taxation of guest fees income, considering it exempt based on the principle of mutuality. However, ITAT upheld the addition of income from party and meeting receipts from non-members. The disallowance of depreciation claimed was partially reversed, with directions to allow depreciation on a suitable basis. The matter of expenses incurred for earning income was remanded for further consideration. Interest and penalty proceedings were rejected due to not being pressed during the hearing. en-us Wed, 26 Dec 2001 00:00:00 +0530 Wed, 22 Feb 2012 17:41:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103423 The appeal of the assessee was partly allowed in the case. The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee on the taxation of guest fees income, considering it exempt based on the principle of mutuality. However, ITAT upheld the addition of income from party and meeting receipts from non-members. The disallowance of depreciation claimed was partially reversed, with directions to allow depreciation on a suitable basis. The matter of expenses incurred for earning income was remanded for further consideration. Interest and penalty proceedings were rejected due to not being pressed during the hearing. Case-Laws Income Tax Wed, 26 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103423