https://www.taxtmi.com/caselaws?id=34308 The court held that the interest income from Fixed Deposits of the clubs with corporate members is not exempt from tax under the principle of mutuality as the funds were not directly utilized for club activities. Additionally, the reopening of assessments under Section 147 of the Income Tax Act was deemed valid due to the absence of prior assessment orders for the assessees. Consequently, the appeals were dismissed, and the Tribunal's decision was upheld. en-us Thu, 30 Jul 2009 00:00:00 +0530 Fri, 28 Dec 2012 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34308 The court held that the interest income from Fixed Deposits of the clubs with corporate members is not exempt from tax under the principle of mutuality as the funds were not directly utilized for club activities. Additionally, the reopening of assessments under Section 147 of the Income Tax Act was deemed valid due to the absence of prior assessment orders for the assessees. Consequently, the appeals were dismissed, and the Tribunal's decision was upheld. Case-Laws Income Tax Thu, 30 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34308