Foreman dividends from chit funds are taxable for businesses seeking profit, disqualifying mutuality principle claims.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Chit funds - Taxability of foreman dividend - The assessee was a business concern and its aim was to make profits and, thus, the principles of mutuality could not be applied to it - AT....