https://www.taxtmi.com/caselaws?id=245161 The Tribunal upheld the decision that interest income from fixed deposits, even for a club operating on the principles of mutuality, is taxable under section 56 as income from other sources. The appeals for the assessment years 2006-07 and 2007-08 were dismissed based on legal interpretations, including the Supreme Court's ruling in Bangalore Club v/s CIT. The Tribunal directed the Assessing Officer to recompute the income and levy interest under sections 234B and 234C. The order was pronounced on 14th March 2014. en-us Fri, 14 Mar 2014 00:00:00 +0530 Fri, 21 Mar 2014 14:40:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245161 The Tribunal upheld the decision that interest income from fixed deposits, even for a club operating on the principles of mutuality, is taxable under section 56 as income from other sources. The appeals for the assessment years 2006-07 and 2007-08 were dismissed based on legal interpretations, including the Supreme Court's ruling in Bangalore Club v/s CIT. The Tribunal directed the Assessing Officer to recompute the income and levy interest under sections 234B and 234C. The order was pronounced on 14th March 2014. Case-Laws Income Tax Fri, 14 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245161