https://www.taxtmi.com/caselaws?id=305901 Mutuality applies only where contributors and participators remain identical and the receipt stays within the common mutual purpose. Interest on fixed deposits with member banks was taxable because placing surplus funds in bank deposits severed the mutual character. Interest on BESCOM security deposits was not exempt on mutuality, but electricity consumption charges directly linked to that interest could be set off against it. Interest for delayed member subscription remained within the mutual arrangement and was not taxable. Receipts from ICON for use of common areas were taxable because they arose from a separate rent or licence arrangement outside the maintenance pool. Charges for banners, display boards and occupation of common areas collected from members were covered by mutuality and were not taxable. en-us Fri, 13 Sep 2013 00:00:00 +0530 Thu, 29 Dec 2022 10:11:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305901 Mutuality applies only where contributors and participators remain identical and the receipt stays within the common mutual purpose. Interest on fixed deposits with member banks was taxable because placing surplus funds in bank deposits severed the mutual character. Interest on BESCOM security deposits was not exempt on mutuality, but electricity consumption charges directly linked to that interest could be set off against it. Interest for delayed member subscription remained within the mutual arrangement and was not taxable. Receipts from ICON for use of common areas were taxable because they arose from a separate rent or licence arrangement outside the maintenance pool. Charges for banners, display boards and occupation of common areas collected from members were covered by mutuality and were not taxable. Case-Laws Income Tax Fri, 13 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305901