https://www.taxtmi.com/caselaws?id=21762 The High Court affirmed the Tribunal's decision, ruling in favor of the Revenue and against the assessee on both issues. The court held that the assessee was a mutual concern based on the principle of mutuality, exempting the surplus from club activities from being assessed as business income. However, the income from the house property, lacking mutuality, was deemed taxable and could not be set off against the club's losses. Justices S. K. Mohanty and Arijit Pasayat concurred in the judgment, with no costs awarded to either party. en-us Wed, 26 Feb 1992 00:00:00 +0530 Sat, 28 Nov 2009 15:30:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21762 The High Court affirmed the Tribunal's decision, ruling in favor of the Revenue and against the assessee on both issues. The court held that the assessee was a mutual concern based on the principle of mutuality, exempting the surplus from club activities from being assessed as business income. However, the income from the house property, lacking mutuality, was deemed taxable and could not be set off against the club's losses. Justices S. K. Mohanty and Arijit Pasayat concurred in the judgment, with no costs awarded to either party. Case-Laws Income Tax Wed, 26 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21762