Supreme Court of India
M/s Bangalore Club v. Commissioner of Income Tax & Anr.
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3 Supreme Court benches have cited this judgment.
From the headnote
INCOME TAX ACT, 1961: s. 2 (24) (vii) - Interest earned by assessee-Club on c surplus funds invested in fixed deposits with corporate member-Banks - Exemption from income tax claimed on the basis of doctrine of mutuality - Held: The amount of interest earned by assessee from member banks will not fall within the ambit of mutuality principle and will, therefore, be exigible 0 to Income-Tax in the hands of assessee-Club. Doctrines/principles - 'Mutuality principle' in the context -of s.2(24)(vii) of Income Tax Act - Explained. The assessee appellant Club, an unincorporated Association of
Authorities it was built on
Where later benches applied it
- 2020 Yum! Restaurants (marketing) Private Limited v. Commissioner of Income Tax, Delhi
- 2020 M/s Bangalore Club v. The Commissioner of Wealth Tax & Anr.
- 2018 Income Tax Officer, Mumbai v. Venkatesh Premises Cooperative Society Ltd.
Of those, 1 relied on · 2 referred to
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