https://www.taxtmi.com/caselaws?id=183713 The High Court dismissed the appeal, affirming that the interest income of Rs. 59,000 earned from bank deposits is taxable as it lacks mutuality. The Court held that the principle of mutuality requires identity between contributors and recipients, which was not present in this case with income from a bank. Precedents from other High Courts supported the taxability of interest income from bank deposits, emphasizing the relationship between the assessee and the bank as that of a customer and banker, not based on mutuality. en-us Wed, 23 Jan 2008 00:00:00 +0530 Sat, 18 Jun 2016 16:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183713 The High Court dismissed the appeal, affirming that the interest income of Rs. 59,000 earned from bank deposits is taxable as it lacks mutuality. The Court held that the principle of mutuality requires identity between contributors and recipients, which was not present in this case with income from a bank. Precedents from other High Courts supported the taxability of interest income from bank deposits, emphasizing the relationship between the assessee and the bank as that of a customer and banker, not based on mutuality. Case-Laws Income Tax Wed, 23 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183713