https://www.taxtmi.com/caselaws?id=10773 The court ruled in favor of the assessee, M/s. J.K. Organisation Ltd., in a tax assessment case concerning the principle of mutuality. The Tribunal upheld the tax exemption claim based on mutuality, emphasizing the organization's objective of protecting and promoting members' interests, with surplus distribution among members upon dissolution. The court found that the organization met the conditions of mutuality, as outlined in previous judgments, and therefore held that the income was exempt from tax. Additionally, the income was not considered as business income under section 28(iii) of the Income-tax Act, 1961. en-us Wed, 01 Dec 2004 00:00:00 +0530 Fri, 24 Jul 2009 19:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10773 The court ruled in favor of the assessee, M/s. J.K. Organisation Ltd., in a tax assessment case concerning the principle of mutuality. The Tribunal upheld the tax exemption claim based on mutuality, emphasizing the organization's objective of protecting and promoting members' interests, with surplus distribution among members upon dissolution. The court found that the organization met the conditions of mutuality, as outlined in previous judgments, and therefore held that the income was exempt from tax. Additionally, the income was not considered as business income under section 28(iii) of the Income-tax Act, 1961. Case-Laws Income Tax Wed, 01 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10773