1989 (5) TMI 151 - AT - Income Tax

Summary

The ITAT MADRAS-C upheld the C.I.T.(A) finding that the assessee, a mutual fund, was not liable for income tax in the assessment years 1980-81, 1981-82, and 1982-83. The principle of mutuality was satisfied as dividends were paid only to shareholders with transactions, exempting all profits as belonging to a mutual fund. The departmental appeals were dismissed. (Case citation: 1989 (5) TMI 151 - ITAT MADRAS-C)