https://www.taxtmi.com/caselaws?id=39125 Annual subscriptions received by a registered trade union from members were held to be income chargeable to tax because the mutuality principle failed: the union was a separate legal person, its dissolution rules did not require surplus assets to be returned to members, and the necessary complete identity between contributors and recipients was absent. The receipts were also not business profits, as the union was a non-trading trade association and did not carry on business with members. In the absence of any specific exemption, the subscription income fell within the residuary head of income under the Income-tax Acts and was taxable. en-us Mon, 17 Dec 1973 00:00:00 +0530 Sun, 02 May 2010 22:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39125 Annual subscriptions received by a registered trade union from members were held to be income chargeable to tax because the mutuality principle failed: the union was a separate legal person, its dissolution rules did not require surplus assets to be returned to members, and the necessary complete identity between contributors and recipients was absent. The receipts were also not business profits, as the union was a non-trading trade association and did not carry on business with members. In the absence of any specific exemption, the subscription income fell within the residuary head of income under the Income-tax Acts and was taxable. Case-Laws Income Tax Mon, 17 Dec 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39125