https://www.taxtmi.com/caselaws?id=179777 The Tribunal directed the Assessing Officer to reconsider the exemption of interest and rental income based on the principle of mutuality for the assessee, a mutual association with cooperative societies as members. The Tribunal instructed a fresh assessment in light of an amendment in the Federation's constitution, allowing surplus asset distribution among institutional members in liquidation. The judgment emphasized the need for a reasoned decision by the AO after considering the new development and providing the assessee a fair opportunity to be heard. Both the Revenue's appeal and the assessee's Cross Objection were allowed for statistical purposes. en-us Fri, 17 Jun 2011 00:00:00 +0530 Wed, 09 Mar 2016 16:49:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179777 The Tribunal directed the Assessing Officer to reconsider the exemption of interest and rental income based on the principle of mutuality for the assessee, a mutual association with cooperative societies as members. The Tribunal instructed a fresh assessment in light of an amendment in the Federation's constitution, allowing surplus asset distribution among institutional members in liquidation. The judgment emphasized the need for a reasoned decision by the AO after considering the new development and providing the assessee a fair opportunity to be heard. Both the Revenue's appeal and the assessee's Cross Objection were allowed for statistical purposes. Case-Laws Income Tax Fri, 17 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179777