https://www.taxtmi.com/caselaws?id=259239 The Tribunal upheld the principle of mutuality for the assessee's transactions with members only, ruling that income from non-members is taxable. It found reimbursements of costs not verifiable, leading to incorrect income reporting. Section 44C was not applicable due to unknown expense and income allocation, estimating income at 5% of gross receipts from non-members. Withholding tax on interest payments was upheld, denying depreciation and section 80-IA deductions. The Tribunal affirmed interest levy under section 234D, dismissing both parties' appeals and cross-objections. en-us Wed, 14 Nov 2012 00:00:00 +0530 Mon, 04 May 2015 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259239 The Tribunal upheld the principle of mutuality for the assessee's transactions with members only, ruling that income from non-members is taxable. It found reimbursements of costs not verifiable, leading to incorrect income reporting. Section 44C was not applicable due to unknown expense and income allocation, estimating income at 5% of gross receipts from non-members. Withholding tax on interest payments was upheld, denying depreciation and section 80-IA deductions. The Tribunal affirmed interest levy under section 234D, dismissing both parties' appeals and cross-objections. Case-Laws Income Tax Wed, 14 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259239