1997 (8) TMI 68 - HC - Income Tax

Business Income Or Income From Property, Finding Of Fact, Income From Business, Income From House Property, Let Out, Mutual Concern

Summary

The High Court of Delhi ruled on two references under section 256(1) of the Income-tax Act, 1961, for the assessment year 1972-73. The court held that rent receipts from members of an assessee-club were not assessable to income tax based on the doctrine of mutuality. The court also determined that income from a swimming pool and stadium in Bombay should be taxed under the head 'Business,' not 'Income from house property.' The judgment favored the assessee in both instances.