https://www.taxtmi.com/caselaws?id=19938 The High Court held that the trade association, being a mutual concern, was not liable to pay income tax on the subscription and admission fees received from its members. The Court emphasized that the principle of mutuality was maintained, despite a clause allowing members discretion over surplus funds upon dissolution. The Court concluded that the income derived from these fees was not taxable under the Income-tax Act, 1961, ruling in favor of the assessee. en-us Thu, 29 Jul 1993 00:00:00 +0530 Tue, 10 Nov 2009 17:02:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19938 The High Court held that the trade association, being a mutual concern, was not liable to pay income tax on the subscription and admission fees received from its members. The Court emphasized that the principle of mutuality was maintained, despite a clause allowing members discretion over surplus funds upon dissolution. The Court concluded that the income derived from these fees was not taxable under the Income-tax Act, 1961, ruling in favor of the assessee. Case-Laws Income Tax Thu, 29 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19938