https://www.taxtmi.com/caselaws?id=342330 The Tribunal held that the interest earned on Fixed Deposits (FDs) with banks by an Association of Persons (AOP) is taxable as it does not qualify for exemption under the principle of mutuality. The Tribunal affirmed the Assessing Officer's decision to tax the interest income, as the funds deposited in the bank originated from non-members. The Tribunal dismissed the assessee's appeal, upholding the addition of the interest income to taxable income. en-us Fri, 28 Apr 2017 00:00:00 +0530 Tue, 02 May 2017 09:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342330 The Tribunal held that the interest earned on Fixed Deposits (FDs) with banks by an Association of Persons (AOP) is taxable as it does not qualify for exemption under the principle of mutuality. The Tribunal affirmed the Assessing Officer's decision to tax the interest income, as the funds deposited in the bank originated from non-members. The Tribunal dismissed the assessee's appeal, upholding the addition of the interest income to taxable income. Case-Laws Income Tax Fri, 28 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342330