https://www.taxtmi.com/caselaws?id=13815 Contributions received by a co-operative society from member-societies were held not to qualify for exemption on the principle of mutuality because the statutory scheme controlled the funds, including any surplus on winding up, and did not give contributors or the society complete control over their application. Mutuality applies only where there is identity between contributors and participators, the organisation exists solely for mutual benefit, and the surplus can be used for that benefit or returned to contributors. On these facts, the required identity and control were absent, so the receipts were taxable. en-us Tue, 07 Aug 2001 00:00:00 +0530 Fri, 03 Jul 2009 10:47:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13815 Contributions received by a co-operative society from member-societies were held not to qualify for exemption on the principle of mutuality because the statutory scheme controlled the funds, including any surplus on winding up, and did not give contributors or the society complete control over their application. Mutuality applies only where there is identity between contributors and participators, the organisation exists solely for mutual benefit, and the surplus can be used for that benefit or returned to contributors. On these facts, the required identity and control were absent, so the receipts were taxable. Case-Laws Income Tax Tue, 07 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13815