https://www.taxtmi.com/caselaws?id=36278 The High Court held that the principle of mutuality applied to the sales made by the club to its regular members, exempting the profits from taxation. The court agreed with the Tribunal's decision and found the directions given regarding the assessment of profits from service to non-members to be valid in law. The court emphasized that transactions among members are covered by the principle of mutuality, while profits from dealings with outsiders are taxable. en-us Tue, 14 Oct 1980 00:00:00 +0530 Sat, 20 Mar 2010 13:43:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36278 The High Court held that the principle of mutuality applied to the sales made by the club to its regular members, exempting the profits from taxation. The court agreed with the Tribunal's decision and found the directions given regarding the assessment of profits from service to non-members to be valid in law. The court emphasized that transactions among members are covered by the principle of mutuality, while profits from dealings with outsiders are taxable. Case-Laws Income Tax Tue, 14 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36278