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TMI Blog1990 (7) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... rt to refer the following questions under section 256(2) of the Income-tax Act : " 1. Whether the Appellate Tribunal was justified in holding that the income of the assessee association of persons was exempt from tax on the ground of mutuality despite the position that the provisions of section 10(24) of the Income-tax Act, 1961, were not applicable to the facts of this case because the objects ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Sri B. K. Garg, were attending to the taxation matters and other matters of individuals and Hindu undivided families belonging to the J. K. family who were not enlisted as members of the assessee-association of persons. Besides, the accountant of the assessee-association of persons, Sri S. S. Jain, was writing the books of account of Kamla Town Trust which also was not member of the association ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ] 106 ITR 542 (Guj) ?" The main question that arose before the Tribunal was whether the assessee's income was exempt on the ground of mutuality. The Tribunal found that there was complete identity between the contributors and participators and, therefore, the principle of mutuality was applicable. In this case, it is contended by learned counsel that the present case falls under clause (iii) o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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