https://www.taxtmi.com/caselaws?id=276914 Profits derived by a mutual benefit society from dealings with its own shareholders were held not to be assessable income, because the contributors and participators were substantially the same class and the entity was not carrying on trade in the ordinary commercial sense. The Court treated the fund as a mutual concern with fluctuating capital and followed the earlier Full Bench view that receipts from members do not attract the ordinary rule of taxability applied to trading profits. It also noted that the later revenue-referred decision was confined to guaranteed interest and did not decide this question. The amount was therefore not liable to assessment, and the assessee succeeded. en-us Thu, 26 Sep 1935 00:00:00 +0530 Tue, 20 Nov 2018 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276914 Profits derived by a mutual benefit society from dealings with its own shareholders were held not to be assessable income, because the contributors and participators were substantially the same class and the entity was not carrying on trade in the ordinary commercial sense. The Court treated the fund as a mutual concern with fluctuating capital and followed the earlier Full Bench view that receipts from members do not attract the ordinary rule of taxability applied to trading profits. It also noted that the later revenue-referred decision was confined to guaranteed interest and did not decide this question. The amount was therefore not liable to assessment, and the assessee succeeded. Case-Laws Income Tax Thu, 26 Sep 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276914