https://www.taxtmi.com/caselaws?id=276906 Income arising from dealings confined to members of a mutual benefit fund was not assessable as business income under section 10 of the Income-tax Act, 1922, because the contributors to the common fund and the participators in the surplus were identical. The fund earned surplus from interest on loans to members and default interest from members, and that surplus remained available for the benefit of the whole body of members. The fact that the fund was incorporated as a company did not destroy mutuality, since the real character of the concern was a mutual benefit association and there were no relevant dealings with non-members. On that basis, the surplus was exempt on the principle of mutuality. en-us Thu, 20 Oct 1960 00:00:00 +0530 Tue, 20 Nov 2018 12:08:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276906 Income arising from dealings confined to members of a mutual benefit fund was not assessable as business income under section 10 of the Income-tax Act, 1922, because the contributors to the common fund and the participators in the surplus were identical. The fund earned surplus from interest on loans to members and default interest from members, and that surplus remained available for the benefit of the whole body of members. The fact that the fund was incorporated as a company did not destroy mutuality, since the real character of the concern was a mutual benefit association and there were no relevant dealings with non-members. On that basis, the surplus was exempt on the principle of mutuality. Case-Laws Income Tax Thu, 20 Oct 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276906