https://www.taxtmi.com/caselaws?id=388408 The Supreme Court dismissed the writ petitions challenging assessment orders under the Income Tax Act for various years, where a club's income from bank deposits was taxed. Relying on precedents like the Bangalore Club case, the Court held that interest earned from bank deposits by clubs does not qualify for mutuality exemption due to the commercial nature of such transactions. Emphasizing the need for direct benefits to club members and cautioning against profit-oriented activities disguised as club operations, the Court reaffirmed that income from bank investments by clubs is taxable, leading to the dismissal of the petitions without costs. en-us Tue, 24 Sep 2019 00:00:00 +0530 Thu, 14 Nov 2019 18:03:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388408 The Supreme Court dismissed the writ petitions challenging assessment orders under the Income Tax Act for various years, where a club's income from bank deposits was taxed. Relying on precedents like the Bangalore Club case, the Court held that interest earned from bank deposits by clubs does not qualify for mutuality exemption due to the commercial nature of such transactions. Emphasizing the need for direct benefits to club members and cautioning against profit-oriented activities disguised as club operations, the Court reaffirmed that income from bank investments by clubs is taxable, leading to the dismissal of the petitions without costs. Case-Laws Income Tax Tue, 24 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388408