https://www.taxtmi.com/caselaws?id=241326 The Tribunal ruled that interest income on fixed deposits and saving accounts earned by the club was taxable under the principles of mutuality, based on a Supreme Court judgment. The Tribunal upheld the exemption of the remaining income of the club, applying mutuality principles to receipts from members. The Tribunal directed the Assessing Officer to compute the total income accordingly, rejecting the club's argument that taxing the interest income would lead to income enhancement. en-us Fri, 15 Mar 2013 00:00:00 +0530 Sat, 21 Dec 2013 13:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241326 The Tribunal ruled that interest income on fixed deposits and saving accounts earned by the club was taxable under the principles of mutuality, based on a Supreme Court judgment. The Tribunal upheld the exemption of the remaining income of the club, applying mutuality principles to receipts from members. The Tribunal directed the Assessing Officer to compute the total income accordingly, rejecting the club's argument that taxing the interest income would lead to income enhancement. Case-Laws Income Tax Fri, 15 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241326