https://www.taxtmi.com/caselaws?id=25472 Where an association confines its money-lending activity to its members, interest receipts are treated as mutual receipts distributed among members and governed by the principle of mutuality, with the operative effect that such receipts do not constitute taxable income of a non-mutual concern. Incidental receipts from a former partner in respect of past liabilities and bank deposits held for safekeeping were not treated as evidence of trading with outsiders; consequently the associations income retains its mutual character and is not liable to tax as income from business with non-members. en-us Wed, 19 Aug 1987 00:00:00 +0530 Wed, 14 Jan 2026 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25472 Where an association confines its money-lending activity to its members, interest receipts are treated as mutual receipts distributed among members and governed by the principle of mutuality, with the operative effect that such receipts do not constitute taxable income of a non-mutual concern. Incidental receipts from a former partner in respect of past liabilities and bank deposits held for safekeeping were not treated as evidence of trading with outsiders; consequently the associations income retains its mutual character and is not liable to tax as income from business with non-members. Case-Laws Income Tax Wed, 19 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25472