https://www.taxtmi.com/caselaws?id=221095 The ITAT, Cuttack Bench dismissed the Department's appeals challenging the exemption based on mutuality and the rejection of the assessee's accounts. The Tribunal upheld the principle that income derived by the club was not taxable due to the concept of mutuality, including income from guests and relatives. Additionally, the ITAT ruled in favor of the assessee regarding the taxability of interest earned on deposits and investments, citing precedents supporting the mutuality principle. Consequently, the Department's appeals were dismissed, and the assessee's appeal was allowed. en-us Fri, 13 Jan 2012 00:00:00 +0530 Fri, 22 Feb 2013 08:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221095 The ITAT, Cuttack Bench dismissed the Department's appeals challenging the exemption based on mutuality and the rejection of the assessee's accounts. The Tribunal upheld the principle that income derived by the club was not taxable due to the concept of mutuality, including income from guests and relatives. Additionally, the ITAT ruled in favor of the assessee regarding the taxability of interest earned on deposits and investments, citing precedents supporting the mutuality principle. Consequently, the Department's appeals were dismissed, and the assessee's appeal was allowed. Case-Laws Income Tax Fri, 13 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221095