https://www.taxtmi.com/caselaws?id=443714 The ITAT Kolkata dismissed the appeals, upholding that the principle of mutuality does not exempt interest income earned by clubs from bank fixed deposits, following the Supreme Court's decision in a similar case. The Assessing Officer's addition of the interest income as taxable was upheld, as the doctrine of mutuality does not apply to such income earned from third parties. The CIT(A) also supported this position, leading to the dismissal of the assessee's appeals on 27th September 2023. en-us Wed, 27 Sep 2023 00:00:00 +0530 Fri, 29 Sep 2023 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443714 The ITAT Kolkata dismissed the appeals, upholding that the principle of mutuality does not exempt interest income earned by clubs from bank fixed deposits, following the Supreme Court's decision in a similar case. The Assessing Officer's addition of the interest income as taxable was upheld, as the doctrine of mutuality does not apply to such income earned from third parties. The CIT(A) also supported this position, leading to the dismissal of the assessee's appeals on 27th September 2023. Case-Laws Income Tax Wed, 27 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443714