https://www.taxtmi.com/caselaws?id=362750 The Tribunal ruled against the assessee, holding that the income of the society was not governed by the principle of mutuality, making bank interest taxable. Enhanced compensation and interest thereon were deemed taxable in the year of receipt. The Tribunal allowed revenue's appeals on various assessment years, directing verification of interest and compensation amounts for accurate taxation. The Tribunal dismissed the assessee's claims on mutuality and upheld taxability of bank interest, following Supreme Court precedents. The order was pronounced on 29/06/2018. en-us Fri, 29 Jun 2018 00:00:00 +0530 Tue, 03 Jul 2018 07:22:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362750 The Tribunal ruled against the assessee, holding that the income of the society was not governed by the principle of mutuality, making bank interest taxable. Enhanced compensation and interest thereon were deemed taxable in the year of receipt. The Tribunal allowed revenue's appeals on various assessment years, directing verification of interest and compensation amounts for accurate taxation. The Tribunal dismissed the assessee's claims on mutuality and upheld taxability of bank interest, following Supreme Court precedents. The order was pronounced on 29/06/2018. Case-Laws Income Tax Fri, 29 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362750