https://www.taxtmi.com/caselaws?id=351840 The Tribunal held in favor of the Gymkhana Club, applying the principle of mutuality to exempt surplus funds from tax as contributions were for common benefit without profit motive. However, interest income from fixed deposits was deemed taxable as it did not meet mutuality conditions. The decision aligned with the Supreme Court's ruling in a similar case. The Tribunal partially allowed the appeals, granting tax exemption on surplus funds but not on interest income from fixed deposits. en-us Tue, 26 Sep 2017 00:00:00 +0530 Sat, 02 Dec 2017 10:10:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351840 The Tribunal held in favor of the Gymkhana Club, applying the principle of mutuality to exempt surplus funds from tax as contributions were for common benefit without profit motive. However, interest income from fixed deposits was deemed taxable as it did not meet mutuality conditions. The decision aligned with the Supreme Court's ruling in a similar case. The Tribunal partially allowed the appeals, granting tax exemption on surplus funds but not on interest income from fixed deposits. Case-Laws Income Tax Tue, 26 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351840