https://www.taxtmi.com/caselaws?id=178230 The Supreme Court ruled against the assessee's claim for income tax exemption in the case involving income from chit business, emphasizing that the income received by shareholders in the form of dividends did not meet the mutuality test. The court held that the incorporated entity earning the income cannot be disregarded unless there is complete identity between contributors and participants. As there was no complete identity, the court rejected the claim for exemption, citing the changed structure of the case post a previous Supreme Court decision. No order as to costs was made. en-us Wed, 16 Dec 1964 00:00:00 +0530 Tue, 09 Feb 2016 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178230 The Supreme Court ruled against the assessee's claim for income tax exemption in the case involving income from chit business, emphasizing that the income received by shareholders in the form of dividends did not meet the mutuality test. The court held that the incorporated entity earning the income cannot be disregarded unless there is complete identity between contributors and participants. As there was no complete identity, the court rejected the claim for exemption, citing the changed structure of the case post a previous Supreme Court decision. No order as to costs was made. Case-Laws Income Tax Wed, 16 Dec 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178230