https://www.taxtmi.com/caselaws?id=277344 Subscriptions and receipts collected by a club from its own members were treated as mutual contributions for their common benefit, not taxable income derived from outsiders or from trade. Applying the mutual benefit principle, the club did not earn taxable profit merely because member contributions exceeded the cost of amenities, so long as any surplus remained within the common fund for members' benefit. Incorporation did not change the character of those receipts. However, liability for house property was ? Need English. The Act separately taxed the value of owned house property irrespective of occupation or realised income, so the club remained liable on that basis. en-us Tue, 25 Jan 1921 00:00:00 +0530 Sat, 01 Dec 2018 14:16:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277344 Subscriptions and receipts collected by a club from its own members were treated as mutual contributions for their common benefit, not taxable income derived from outsiders or from trade. Applying the mutual benefit principle, the club did not earn taxable profit merely because member contributions exceeded the cost of amenities, so long as any surplus remained within the common fund for members' benefit. Incorporation did not change the character of those receipts. However, liability for house property was ? Need English. The Act separately taxed the value of owned house property irrespective of occupation or realised income, so the club remained liable on that basis. Case-Laws Income Tax Tue, 25 Jan 1921 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277344