https://www.taxtmi.com/caselaws?id=234978 Mutuality was denied where surplus funds were diverted to non-members for charitable purposes and bank interest from third parties fell outside the mutuality principle; the related interest income remained taxable and donations could not be treated as mutual receipts. The common good fund issue depended on factual verification of member receipts and supporting particulars, so it was remitted for fresh examination. A 10% disallowance of diesel expenses was upheld because the assessee failed to produce complete vouchers and reliable supporting details, making the estimate reasonable. en-us Tue, 30 Apr 2013 00:00:00 +0530 Thu, 31 Oct 2013 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234978 Mutuality was denied where surplus funds were diverted to non-members for charitable purposes and bank interest from third parties fell outside the mutuality principle; the related interest income remained taxable and donations could not be treated as mutual receipts. The common good fund issue depended on factual verification of member receipts and supporting particulars, so it was remitted for fresh examination. A 10% disallowance of diesel expenses was upheld because the assessee failed to produce complete vouchers and reliable supporting details, making the estimate reasonable. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234978