https://www.taxtmi.com/caselaws?id=240816 In a chit fund business, foreman dividend was held taxable because the principle of mutuality did not apply where there was no complete identity between contributors and participators and the foreman had a distinct statutory role. Commission on cancelled chits and royalty payment were allowed as business deductions, following earlier Tribunal rulings in the assessee's own case. The bad-debt claim relating to running and terminated chits was remitted to the Assessing Officer for fresh examination in line with prior directions, with allowance for terminated chits and computation for running chits to be made accordingly. en-us Fri, 06 Dec 2013 00:00:00 +0530 Thu, 12 Dec 2013 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240816 In a chit fund business, foreman dividend was held taxable because the principle of mutuality did not apply where there was no complete identity between contributors and participators and the foreman had a distinct statutory role. Commission on cancelled chits and royalty payment were allowed as business deductions, following earlier Tribunal rulings in the assessee's own case. The bad-debt claim relating to running and terminated chits was remitted to the Assessing Officer for fresh examination in line with prior directions, with allowance for terminated chits and computation for running chits to be made accordingly. Case-Laws Income Tax Fri, 06 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240816