https://www.taxtmi.com/caselaws?id=25199 The High Court affirmed the Tribunal's decision, ruling in favor of the Revenue and against the assessee. It was held that the entire expenditure incurred in all activities cannot be deducted from the taxable income. Additionally, the income from interest on fixed deposits was deemed taxable as it was not a result of mutual activity. The expenditure on club activities was also not deductible from the interest income. No costs were awarded in this case. en-us Thu, 08 Oct 1987 00:00:00 +0530 Wed, 27 Jan 2010 11:31:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25199 The High Court affirmed the Tribunal's decision, ruling in favor of the Revenue and against the assessee. It was held that the entire expenditure incurred in all activities cannot be deducted from the taxable income. Additionally, the income from interest on fixed deposits was deemed taxable as it was not a result of mutual activity. The expenditure on club activities was also not deductible from the interest income. No costs were awarded in this case. Case-Laws Income Tax Thu, 08 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25199