https://www.taxtmi.com/caselaws?id=49533 SC affirmed the HC, holding that admission/entrance fees received by the assessee were taxable income. The court found that income from the appellant's business was distributable among shareholders, but the trading members who paid entrance fees and the shareholders who received profits were not identical; therefore the principle of mutuality did not apply. Because the payors and beneficiaries differed, the fees were not mere internal receipts and constituted assessable income in the hands of the assessee. en-us Wed, 30 Nov 1960 00:00:00 +0530 Mon, 03 Nov 2025 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49533 SC affirmed the HC, holding that admission/entrance fees received by the assessee were taxable income. The court found that income from the appellant's business was distributable among shareholders, but the trading members who paid entrance fees and the shareholders who received profits were not identical; therefore the principle of mutuality did not apply. Because the payors and beneficiaries differed, the fees were not mere internal receipts and constituted assessable income in the hands of the assessee. Case-Laws Income Tax Wed, 30 Nov 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49533