https://www.taxtmi.com/caselaws?id=398311 The Supreme Court held that Bangalore Club, a social club without a profit motive, was not liable to pay wealth tax under the Wealth Tax Act. It determined that the Club did not qualify as an "association of persons" under Section 21AA as its members did not join for income or profit-sharing purposes. The Court found that the members' shares in the Club's assets were determinate, thus Section 21AA did not apply. The High Court's decision was overturned, and the appeal was allowed. en-us Tue, 08 Sep 2020 00:00:00 +0530 Tue, 27 Oct 2020 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398311 The Supreme Court held that Bangalore Club, a social club without a profit motive, was not liable to pay wealth tax under the Wealth Tax Act. It determined that the Club did not qualify as an "association of persons" under Section 21AA as its members did not join for income or profit-sharing purposes. The Court found that the members' shares in the Club's assets were determinate, thus Section 21AA did not apply. The High Court's decision was overturned, and the appeal was allowed. Case-Laws Wealth-tax Tue, 08 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398311