https://www.taxtmi.com/caselaws?id=787635 Doctrine of mutuality and appropriation of a common fund permits a members' society to appropriate interest receipts against payments to members (death claims, pensions, retirement benefits and V.R.) when such payments are within the society's objects and are recorded in the accounts; surplus beyond amounts needed for the common purpose remains part of the common fund and may be applied for members' benefit and not treated as commercial income. The operative effect directed the assessing officer to set off the claimed member payments against taxable interest receipts and assess any remainder as income. en-us Fri, 06 Mar 2026 00:00:00 +0530 Tue, 10 Mar 2026 08:51:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787635 Doctrine of mutuality and appropriation of a common fund permits a members' society to appropriate interest receipts against payments to members (death claims, pensions, retirement benefits and V.R.) when such payments are within the society's objects and are recorded in the accounts; surplus beyond amounts needed for the common purpose remains part of the common fund and may be applied for members' benefit and not treated as commercial income. The operative effect directed the assessing officer to set off the claimed member payments against taxable interest receipts and assess any remainder as income. Case-Laws Income Tax Fri, 06 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787635