https://www.taxtmi.com/caselaws?id=7192 Advertisement charges received from members of a mutual association were taxable because the receipts arose in a commercial capacity and the mutuality principle was not preserved where contributors and participators were not identical in relation to that income. The full cost of producing the magazine was deductible against advertisement receipts because the magazine's circulation and content were integral to earning the advertisements, and the expenditure had an intimate nexus with that income. The reference was therefore allowed only in part, with taxability upheld on the first issue and full deduction accepted on the second. en-us Wed, 15 Nov 1967 00:00:00 +0530 Thu, 12 Feb 2009 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7192 Advertisement charges received from members of a mutual association were taxable because the receipts arose in a commercial capacity and the mutuality principle was not preserved where contributors and participators were not identical in relation to that income. The full cost of producing the magazine was deductible against advertisement receipts because the magazine's circulation and content were integral to earning the advertisements, and the expenditure had an intimate nexus with that income. The reference was therefore allowed only in part, with taxability upheld on the first issue and full deduction accepted on the second. Case-Laws Income Tax Wed, 15 Nov 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7192