https://www.taxtmi.com/caselaws?id=276907 Receipts of a genuine mutual undertaking from its own members are not taxable income because contributors to the common fund and participators in the surplus are substantially identical. Applying the principle that taxable income must arise from outside and not from dealings with oneself, receipts from members' subscriptions, loans and overdue payments were treated as internal accretions of the mutual body. Only income from external investments was recognised as taxable; the receipts in dispute, being derived from within the mutual fund, were not liable to income-tax and the reference was answered in favour of the assessee. en-us Thu, 29 Mar 1923 00:00:00 +0530 Tue, 20 Nov 2018 12:11:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276907 Receipts of a genuine mutual undertaking from its own members are not taxable income because contributors to the common fund and participators in the surplus are substantially identical. Applying the principle that taxable income must arise from outside and not from dealings with oneself, receipts from members' subscriptions, loans and overdue payments were treated as internal accretions of the mutual body. Only income from external investments was recognised as taxable; the receipts in dispute, being derived from within the mutual fund, were not liable to income-tax and the reference was answered in favour of the assessee. Case-Laws Indian Laws Thu, 29 Mar 1923 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276907