https://www.taxtmi.com/caselaws?id=187841 The High Court ruled in favor of the Assessee, a club, holding that the interest received from banks on deposits of surplus funds, attributable to members' dues and expenses, is exempt from taxation under the doctrine of mutuality. Citing relevant legal precedents, the court concluded that the income from facilities used by guests of members falls within the scope of mutuality, thus not subject to tax. The appeal was decided in favor of the Assessee, rejecting the Revenue's arguments. 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 The High Court ruled in favor of the Assessee, a club, holding that the interest received from banks on deposits of surplus funds, attributable to members' dues and expenses, is exempt from taxation under the doctrine of mutuality. Citing relevant legal precedents, the court concluded that the income from facilities used by guests of members falls within the scope of mutuality, thus not subject to tax. The appeal was decided in favor of the Assessee, rejecting the Revenue's arguments. Case-Laws Income Tax Fri, 11 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187841