https://www.taxtmi.com/caselaws?id=187841 Interest earned from temporary bank deposits of surplus funds derived from member receipts remained covered by the doctrine of mutuality because the underlying receipts arose from member-linked facilities and there was no dealing with outsiders. The court treated the deposit income as retaining the character of the common mutual fund, so it did not acquire taxable profit character. The assessee was therefore entitled to exemption, and the Revenue's challenge failed. en-us Fri, 11 May 2007 00:00:00 +0530 Wed, 09 Nov 2016 11:11:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187841 Interest earned from temporary bank deposits of surplus funds derived from member receipts remained covered by the doctrine of mutuality because the underlying receipts arose from member-linked facilities and there was no dealing with outsiders. The court treated the deposit income as retaining the character of the common mutual fund, so it did not acquire taxable profit character. The assessee was therefore entitled to exemption, and the Revenue's challenge failed. Case-Laws Income Tax Fri, 11 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187841