https://www.taxtmi.com/caselaws?id=55771 The Tribunal dismissed the appeal, affirming the decision to disallow the set off of the deficit against income from bank interest and miscellaneous income for tax purposes. The deficit arising from non-commercial activities of the club was deemed ineligible for set off against taxable income sources due to the mutuality principle, which exempts surplus from taxation and indicates that deficits from such activities cannot be offset against other taxable income. The club's non-commercial activities did not generate profits akin to commercial ventures, supporting the disallowance of the deficit set off against bank interest income. en-us Thu, 22 Dec 1983 00:00:00 +0530 Tue, 30 Nov 2010 09:22:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55771 The Tribunal dismissed the appeal, affirming the decision to disallow the set off of the deficit against income from bank interest and miscellaneous income for tax purposes. The deficit arising from non-commercial activities of the club was deemed ineligible for set off against taxable income sources due to the mutuality principle, which exempts surplus from taxation and indicates that deficits from such activities cannot be offset against other taxable income. The club's non-commercial activities did not generate profits akin to commercial ventures, supporting the disallowance of the deficit set off against bank interest income. Case-Laws Income Tax Thu, 22 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55771