https://www.taxtmi.com/caselaws?id=179775 The assessee produced an amended bye-law, sanctioned by the competent authority, allowing distribution of residual assets among institutional members on liquidation in proportion to their financial contribution. Because the earlier denial of mutuality had rested on the absence of any clear winding-up provision, the existing findings on mutuality and the related treatment of interest income could not be treated as final without examining the new clause. The matter was therefore remitted to the Assessing Officer for fresh consideration in light of the amended bye-laws and the additional material on record. en-us Fri, 25 Mar 2011 00:00:00 +0530 Wed, 09 Mar 2016 16:44:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179775 The assessee produced an amended bye-law, sanctioned by the competent authority, allowing distribution of residual assets among institutional members on liquidation in proportion to their financial contribution. Because the earlier denial of mutuality had rested on the absence of any clear winding-up provision, the existing findings on mutuality and the related treatment of interest income could not be treated as final without examining the new clause. The matter was therefore remitted to the Assessing Officer for fresh consideration in light of the amended bye-laws and the additional material on record. Case-Laws Income Tax Fri, 25 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179775