https://www.taxtmi.com/caselaws?id=204223 The Tribunal held that the CIT(A) erred in applying the principle of mutuality to exempt interest income from fixed deposits in banks. It was determined that the income derived from external sources like banks did not fall under the mutuality principle. Therefore, the revenue's appeal was allowed, and the interest income was deemed taxable. en-us Fri, 17 Jun 2011 00:00:00 +0530 Sun, 10 Jul 2011 00:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204223 The Tribunal held that the CIT(A) erred in applying the principle of mutuality to exempt interest income from fixed deposits in banks. It was determined that the income derived from external sources like banks did not fall under the mutuality principle. Therefore, the revenue's appeal was allowed, and the interest income was deemed taxable. Case-Laws Income Tax Fri, 17 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204223