https://www.taxtmi.com/caselaws?id=326416 The court ruled in favor of the Revenue, holding that interest income from fixed deposits in a club is not exempt from taxation under the principle of mutuality. The court emphasized that income from investments like fixed deposits is considered to be from a third party, not from club members, and therefore subject to tax. By analyzing legal precedents and distinguishing the case from previous judgments, the court concluded that the interest income in question does not qualify for exemption and dismissed the appeals. en-us Fri, 11 Mar 2016 00:00:00 +0530 Wed, 13 Apr 2016 16:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326416 The court ruled in favor of the Revenue, holding that interest income from fixed deposits in a club is not exempt from taxation under the principle of mutuality. The court emphasized that income from investments like fixed deposits is considered to be from a third party, not from club members, and therefore subject to tax. By analyzing legal precedents and distinguishing the case from previous judgments, the court concluded that the interest income in question does not qualify for exemption and dismissed the appeals. Case-Laws Income Tax Fri, 11 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326416