https://www.taxtmi.com/caselaws?id=293333 The High Court dismissed the appeal concerning the applicability of the principle of mutuality to interest income from fixed deposits. Relying on precedents and the Supreme Court's decision, the court held that if an organization engages in commercial activities by raising funds from both members and non-members for the same purpose, it cannot be purely mutual. As the appellant's transactions exhibited a profit motive and commercial nature, the principle of mutuality could not exempt income from taxation. The appeal was dismissed, and costs were not awarded. en-us Fri, 26 Oct 2018 00:00:00 +0530 Thu, 04 Feb 2021 20:18:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293333 The High Court dismissed the appeal concerning the applicability of the principle of mutuality to interest income from fixed deposits. Relying on precedents and the Supreme Court's decision, the court held that if an organization engages in commercial activities by raising funds from both members and non-members for the same purpose, it cannot be purely mutual. As the appellant's transactions exhibited a profit motive and commercial nature, the principle of mutuality could not exempt income from taxation. The appeal was dismissed, and costs were not awarded. Case-Laws Income Tax Fri, 26 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293333