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of <h1>Supreme Court of India Decides Club Interest Income from Bank Deposits Is Taxable, Breaking Mutuality Principle.</h1> The Supreme Court of India ruled on a landmark case involving several clubs and the Income Tax Department, focusing on whether interest earned on bank deposits by clubs is taxable under the principle of mutuality. The case, arising from appeals across High Courts, examined the taxability of various income sources of clubs, such as property income and interest from financial instruments. The Court concluded that the interest income from fixed deposits was taxable, as the investment disrupted the mutuality principle by involving commercial activities with banks. This decision impacts how clubs manage surplus funds and their tax obligations, emphasizing the distinction between mutual and commercial activities.
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