1997 (8) TMI 69 - HC - Income Tax

Business Income Or Income From Property Income From Business Income From House Property Let Out Mutual Concern

Summary

The High Court of Delhi addressed a reference under the Income-tax Act, 1961, regarding the assessment years 1976-77 and 1977-78. The court ruled that rent receipts from members of an assessee-club were not taxable under the doctrine of mutuality. Additionally, income from a swimming pool and stadium was deemed taxable under the head 'Business' rather than 'Income from house property'. The judgment was in favor of the assessee and against the Revenue.