https://www.taxtmi.com/caselaws?id=327087 The Tribunal confirmed the decision of the Commissioner of Income-tax (Exemptions) and dismissed the appeal of the assessee. It ruled that the concept of mutuality does not apply to the trust because the trust's beneficiaries are not identifiable individuals and the transactions do not meet the criteria for mutuality. The income earned by the trust on fixed deposits was held to be subject to tax as there was no mutuality in the transactions between the trust and its beneficiaries. en-us Wed, 09 Dec 2015 00:00:00 +0530 Tue, 03 May 2016 09:32:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327087 The Tribunal confirmed the decision of the Commissioner of Income-tax (Exemptions) and dismissed the appeal of the assessee. It ruled that the concept of mutuality does not apply to the trust because the trust's beneficiaries are not identifiable individuals and the transactions do not meet the criteria for mutuality. The income earned by the trust on fixed deposits was held to be subject to tax as there was no mutuality in the transactions between the trust and its beneficiaries. Case-Laws Income Tax Wed, 09 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327087