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TMI Blog2017 (1) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... ot be said to be regular members of the assessee club. Therefore, any transaction between the assessee club and the bank could not be said to be the transactions between the members and the interest earned on the amount in the bank would not attract the principle of mutuality. The assessee club had made investments in the mutual fund it was not an investment with the member but with an outsider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on fact in holding that the doctrine of mutuality would also apply in assessee's case even when the question of earning interest income of FDRs and mutual funds arises out of the funds invested with non-members, which is not the case of the assessee? On facts there is no dispute that in the present case FDRs were taken by the assessee club from the banks and the bank cannot be said to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of mutuality does not apply when the transaction is between the assessee club and the non-members. In the present case, the FDRs have been taken by the assessee club from the banks and the banks cannot be said to be regular members of the assessee club. Therefore, any transactions between the assessee club and the banks are not the transactions between the members and, therefore, the principle of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts of the case and the issue involved in the present case is squarely covered by a decision of Hon'ble Apex Court in the case of Bangalore Club vs. Commissioner of Income Tax Anr. reported in (2013) 255 CTR (SC) 465, the substantial question of law is answered in favour of the department and against the assessee. The appeal is disposed of as above. No costs. - - TaxTMI - TMITa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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