https://www.taxtmi.com/caselaws?id=176029 Whether interest earned by a co-operative welfare society on deposits of members' contributions is taxable in the society's hands turned on the applicability of the mutuality principle. Applying the settled test of mutuality and noting that the Revenue did not dispute satisfaction of its three conditions, and that the issue stood concluded against the Revenue by SC precedent on mutuality, the HC held that the interest retained the character of mutual income and was not chargeable to tax in the society's hands. Consequently, no substantial question of law arose and the Revenue's appeal was dismissed. en-us Tue, 14 Jan 2003 00:00:00 +0530 Fri, 26 Dec 2025 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176029 Whether interest earned by a co-operative welfare society on deposits of members' contributions is taxable in the society's hands turned on the applicability of the mutuality principle. Applying the settled test of mutuality and noting that the Revenue did not dispute satisfaction of its three conditions, and that the issue stood concluded against the Revenue by SC precedent on mutuality, the HC held that the interest retained the character of mutual income and was not chargeable to tax in the society's hands. Consequently, no substantial question of law arose and the Revenue's appeal was dismissed. Case-Laws Income Tax Tue, 14 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176029