https://www.taxtmi.com/caselaws?id=300462 The Revenue's appeals were found to be barred by limitation due to a delay of 144/131 days, which was condoned. The issue of tax liability on surplus distributed amongst members was raised, with the Revenue contending that the distribution was indeterminate. The Tribunal upheld previous decisions stating that the surplus distributed to Self-Help Groups (SHGs) was not taxable income but part of a mutual arrangement. It was confirmed that the surplus distribution was not subject to taxation as it was determined, documented, and distributed based on proper procedures, governed by principles of mutuality. The Revenue's appeals were dismissed, and the Commissioner of Income-tax(Appeals) orders were upheld. en-us Wed, 21 Jan 2015 00:00:00 +0530 Fri, 04 Feb 2022 06:58:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300462 The Revenue's appeals were found to be barred by limitation due to a delay of 144/131 days, which was condoned. The issue of tax liability on surplus distributed amongst members was raised, with the Revenue contending that the distribution was indeterminate. The Tribunal upheld previous decisions stating that the surplus distributed to Self-Help Groups (SHGs) was not taxable income but part of a mutual arrangement. It was confirmed that the surplus distribution was not subject to taxation as it was determined, documented, and distributed based on proper procedures, governed by principles of mutuality. The Revenue's appeals were dismissed, and the Commissioner of Income-tax(Appeals) orders were upheld. Case-Laws Income Tax Wed, 21 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300462