https://www.taxtmi.com/article/detailed?id=16422 Income earned by clubs from bank deposits of surplus funds is taxable and does not fall within the principle of mutuality. Interest on deposits made with banks is not generated by mutual dealings among members and therefore does not enjoy mutuality treatment under the Income-tax Act. Income received by clubs from the use of their assets and resources in dealings with non-members is likewise outside the mutuality principle and is liable to tax because the essential character of mutuality is absent where the income arises from persons who are not members of the club. en-us Fri, 15 May 2026 09:16:24 +0530 Fri, 15 May 2026 09:16:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=16422 Income earned by clubs from bank deposits of surplus funds is taxable and does not fall within the principle of mutuality. Interest on deposits made with banks is not generated by mutual dealings among members and therefore does not enjoy mutuality treatment under the Income-tax Act. Income received by clubs from the use of their assets and resources in dealings with non-members is likewise outside the mutuality principle and is liable to tax because the essential character of mutuality is absent where the income arises from persons who are not members of the club. Articles Income Tax Fri, 15 May 2026 09:16:24 +0530 https://www.taxtmi.com/article/detailed?id=16422