https://www.taxtmi.com/caselaws?id=5595 The courts held that surplus receipts of members' clubs from transactions with members were not taxable under the principle of mutuality. Various cases, including Bankipur Club Ltd., Ranchi Club Ltd., Cricket Club of India, and Northern India Motion Pictures Association, affirmed that profits from sales and property letting to members were exempt as they were part of mutual activities. The Supreme Court upheld these decisions, dismissing Revenue's appeals and affirming that clubs' surplus receipts from mutual transactions were not subject to tax. Appeals involving Cawnpore Club Ltd. were separated for distinct issues regarding property income and interest taxation. en-us Thu, 08 May 1997 00:00:00 +0530 Fri, 18 Oct 2013 17:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5595 The courts held that surplus receipts of members' clubs from transactions with members were not taxable under the principle of mutuality. Various cases, including Bankipur Club Ltd., Ranchi Club Ltd., Cricket Club of India, and Northern India Motion Pictures Association, affirmed that profits from sales and property letting to members were exempt as they were part of mutual activities. The Supreme Court upheld these decisions, dismissing Revenue's appeals and affirming that clubs' surplus receipts from mutual transactions were not subject to tax. Appeals involving Cawnpore Club Ltd. were separated for distinct issues regarding property income and interest taxation. Case-Laws Income Tax Thu, 08 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5595