https://www.taxtmi.com/caselaws?id=444617 The Tribunal partly allowed the Revenue's appeal for statistical purposes, affirming the principle of mutuality for income from members and directing the AO to re-evaluate the applicable tax rate. The assessee's appeal was also allowed for statistical purposes, with instructions for the AO to examine the allocation of income and expenses and determine the appropriate tax rate. The Tribunal found no basis for denying the exemption under Section 11, as the assessee did not claim it for the relevant year. The case was remanded for further examination of income classification and tax rate application. en-us Mon, 25 Sep 2023 00:00:00 +0530 Thu, 19 Oct 2023 09:36:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444617 The Tribunal partly allowed the Revenue's appeal for statistical purposes, affirming the principle of mutuality for income from members and directing the AO to re-evaluate the applicable tax rate. The assessee's appeal was also allowed for statistical purposes, with instructions for the AO to examine the allocation of income and expenses and determine the appropriate tax rate. The Tribunal found no basis for denying the exemption under Section 11, as the assessee did not claim it for the relevant year. The case was remanded for further examination of income classification and tax rate application. Case-Laws Income Tax Mon, 25 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444617