https://www.taxtmi.com/caselaws?id=761788 Gujarat HC upheld Tribunal's decision applying mutuality principle to an effluent treatment company formed per court directions. The assessee received contributions from members for treatment services, with surplus not distributed to members. HC followed Sports Club of Gujarat precedent, fortified by SC in Secunderabad Club case. Income from member services held non-taxable under mutuality principle. Revenue's appeal dismissed as no substantial question of law arose. Depreciation disallowance issue became irrelevant given mutuality application. en-us Mon, 14 Oct 2024 00:00:00 +0530 Fri, 15 Nov 2024 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761788 Gujarat HC upheld Tribunal's decision applying mutuality principle to an effluent treatment company formed per court directions. The assessee received contributions from members for treatment services, with surplus not distributed to members. HC followed Sports Club of Gujarat precedent, fortified by SC in Secunderabad Club case. Income from member services held non-taxable under mutuality principle. Revenue's appeal dismissed as no substantial question of law arose. Depreciation disallowance issue became irrelevant given mutuality application. Case-Laws Income Tax Mon, 14 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761788