https://www.taxtmi.com/caselaws?id=337024 The High Court held that the doctrine of mutuality does not apply to interest income earned by an assessee club from Fixed Deposit Receipts (FDRs) and mutual funds invested with non-members. Transactions with banks, which were not regular members of the club, do not fall under the principle of mutuality. Since the club invested in mutual funds with non-members, the principle of mutuality does not extend to such commercial transactions. Relying on legal precedent, the court ruled in favor of the department, concluding that the interest income is not covered by the doctrine of mutuality. en-us Thu, 15 Dec 2016 00:00:00 +0530 Mon, 02 Jan 2017 10:26:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337024 The High Court held that the doctrine of mutuality does not apply to interest income earned by an assessee club from Fixed Deposit Receipts (FDRs) and mutual funds invested with non-members. Transactions with banks, which were not regular members of the club, do not fall under the principle of mutuality. Since the club invested in mutual funds with non-members, the principle of mutuality does not extend to such commercial transactions. Relying on legal precedent, the court ruled in favor of the department, concluding that the interest income is not covered by the doctrine of mutuality. Case-Laws Income Tax Thu, 15 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337024