https://www.taxtmi.com/caselaws?id=191125 Admission fees collected by a stock exchange from members and their authorised assistants or agents were treated as taxable income rather than mutual receipts. Mutuality was held to require complete identity between contributors to the common fund and participants in the surplus; that identity was absent because the surplus could ultimately benefit shareholders who were distinct from the fee payers. The receipts were also recurring on each enrolment and therefore had the character of business income, not a one-time capital accretion. No basis was found to treat the sums as remuneration for specific services under the special deeming provision. en-us Tue, 22 Jan 1957 00:00:00 +0530 Tue, 21 Mar 2017 17:16:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191125 Admission fees collected by a stock exchange from members and their authorised assistants or agents were treated as taxable income rather than mutual receipts. Mutuality was held to require complete identity between contributors to the common fund and participants in the surplus; that identity was absent because the surplus could ultimately benefit shareholders who were distinct from the fee payers. The receipts were also recurring on each enrolment and therefore had the character of business income, not a one-time capital accretion. No basis was found to treat the sums as remuneration for specific services under the special deeming provision. Case-Laws Income Tax Tue, 22 Jan 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191125