https://www.taxtmi.com/caselaws?id=49724 An incorporated race-course company's receipts from season and daily admission tickets, private boxes, entries and forfeits were treated as business income where members and non-members paid for substantially the same facilities, so the charges had a commercial and profit-making character. The principle of mutuality did not apply because there was no mutual dealing among members inter se, no common fund for mutual liabilities, and no relevant identity between contributors and participators. The text also explains that the company was not a trade, professional or similar association within the exemption provision, so no enquiry into specific services was required and the exemption was unavailable. en-us Mon, 26 Oct 1953 00:00:00 +0530 Wed, 09 Jul 2025 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49724 An incorporated race-course company's receipts from season and daily admission tickets, private boxes, entries and forfeits were treated as business income where members and non-members paid for substantially the same facilities, so the charges had a commercial and profit-making character. The principle of mutuality did not apply because there was no mutual dealing among members inter se, no common fund for mutual liabilities, and no relevant identity between contributors and participators. The text also explains that the company was not a trade, professional or similar association within the exemption provision, so no enquiry into specific services was required and the exemption was unavailable. Case-Laws Income Tax Mon, 26 Oct 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49724