https://www.taxtmi.com/highlights?id=57744 Concept of mutuality - Payment of interest / compensation to the members - The very fact that bylaws of the assessee-society contained the provisions that payment of dividend to its members goes to show that it is not a mutual society and commerciality is very much inherent in the activities of the assessee-society. In this regard, clause 75(6) of the Byelaws of the assessee-society is relevant. Therefore, the action of the Assessing Officer in thrusting the concept of mutuality even when the assessee-society never claimed the concept of mutuality, is bad in law and is hereby set aside. - AT en-us Tue, 27 Apr 2021 21:03:35 +0530 Tue, 27 Apr 2021 21:03:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=57744 Concept of mutuality - Payment of interest / compensation to the members - The very fact that bylaws of the assessee-society contained the provisions that payment of dividend to its members goes to show that it is not a mutual society and commerciality is very much inherent in the activities of the assessee-society. In this regard, clause 75(6) of the Byelaws of the assessee-society is relevant. Therefore, the action of the Assessing Officer in thrusting the concept of mutuality even when the assessee-society never claimed the concept of mutuality, is bad in law and is hereby set aside. - AT Highlights Income Tax Tue, 27 Apr 2021 21:03:35 +0530 https://www.taxtmi.com/highlights?id=57744