https://www.taxtmi.com/caselaws?id=16417 The court held that the assessee-organisation did not derive taxable income from its transactions with members. The surplus funds were considered savings returned to members, not constituting profits. The principle of mutuality was found to apply, with complete identity between contributors and participators. Consequently, all issues were decided against the Revenue, and the reference was disposed of with no order as to costs. en-us Mon, 25 Jan 1999 00:00:00 +0530 Mon, 07 Sep 2009 16:05:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16417 The court held that the assessee-organisation did not derive taxable income from its transactions with members. The surplus funds were considered savings returned to members, not constituting profits. The principle of mutuality was found to apply, with complete identity between contributors and participators. Consequently, all issues were decided against the Revenue, and the reference was disposed of with no order as to costs. Case-Laws Income Tax Mon, 25 Jan 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16417