https://www.taxtmi.com/caselaws?id=326629 The High Court upheld the decision in favor of the respondent-assessee, ruling that the doctrine of mutuality applied. The contributions received from members were not taxable solely because some excess income was invested in Mutual Funds, as the dividend from these investments had already been taxed. The Court distinguished this case from a previous one involving interest earned on fixed deposits, emphasizing that the principles of mutuality were correctly applied. The appeal by the Revenue was dismissed without costs, as the issue did not raise a substantial question of law. en-us Thu, 31 Mar 2016 00:00:00 +0530 Thu, 21 Apr 2016 10:20:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326629 The High Court upheld the decision in favor of the respondent-assessee, ruling that the doctrine of mutuality applied. The contributions received from members were not taxable solely because some excess income was invested in Mutual Funds, as the dividend from these investments had already been taxed. The Court distinguished this case from a previous one involving interest earned on fixed deposits, emphasizing that the principles of mutuality were correctly applied. The appeal by the Revenue was dismissed without costs, as the issue did not raise a substantial question of law. Case-Laws Income Tax Thu, 31 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326629