Doctrine of mutuality was applicable upon surplus amount ...

Surplus from members is non-taxable under mutuality, but bank interest is taxable.

December 21, 2013

Case Laws Income Tax AT

Doctrine of mutuality was applicable upon surplus amount received from members but the amount of interest earned by the assessee from the banks would not fall within the ambit of mutuality principles - AT

View Source

← Previous Next →

Doctrine of mutuality was applicable upon surplus amount ...

Surplus from members is non-taxable under mutuality, but bank interest is taxable.

December 21, 2013

Case Laws Income Tax AT

You may also like:

Principle or the doctrine of mutuality - Tribunal for the earlier years, has held that even if there are non-permanent members, non-life members, temporary or honorary...

Concept of Mutuality - Transaction between members - Interest from FDRs in bank, dividend income is not taxable based on concept of Mutuality

Tribunal rightly applied principle of mutuality in assessee company's case, following Sports Club of Gujarat and Secunderabad Club judgments. Assessee formed to treat...

The assessee argued that the case was selected for limited scrutiny, limiting it to verifying deductions u/s 57. However, the interconnected nature of deductions and the...

Interest income - zero coupon money - interest earned by investing the surplus share money in bank deposits, such interest is taxable as income from other sources and...

The assessee club, established with a non-profit motive, is distinct from its members who lack rights over any surplus generated. The club's activities lack...

Doctrine of mutuality - Interest earned on the bank deposits by clubs - Deposit of surplus funds by the appellant Clubs by way of bank deposits in various banks - the...

Co-operative Housing Society declared income from maintenance charges under 'Income from other sources' with deficit of Rs. 13,86,671/-. Rental and interest income also...

Entitled for benefit of mutuality - Co-operative society - There is no deference between the transaction of members and nominal members and only when the transactions...

Deduction u/s 80P(2)(a)(i) was denied by the Assessing Officer on grounds that the assessee society cannot be termed a mutual concern and principles of mutuality cannot...

Exemption u/s 11 - applicability of the principle of mutuality - holding of exhibitions and organising of seminars - As per the assessee, the income from members is...

Deduction u/s 80P(2) on interest income - To invest the deposits accepted from the members or the surplus funds available with it, is part of the banking/credit business...

Applicability of the principles of mutuality - once the funds of the society are given for the business purposes of a non-Member and the assessee receives any...

Club or association service - the contentions of the appellants that charges collected from non-members are taxable only from 5.1.2011 are not acceptable. It cannot be...

Taxability of interest income - ‘Interest on bank deposits, inter-corporate deposits, debentures, from sister concerns and ‘other interest - the surplus money, unless...

Quick Updates: