Supreme Court · 2013 INSC 35 · Decided 14 January 2013
M/S Bangalore Club v. Commissioner of Income Tax & ANR.
- Court
- Supreme Court of India
- Citation
- 2013 INSC 35 · [2013] 1 S.C.R. 267
- Case number
- CIVIL APPEAL No. 124/2007
- Decided
- 14 January 2013
- Bench
- D.K. JAIN, J.S. KHEHAR (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 2(24)(vii), 2(24)
Headnote
INCOME TAX ACT, 1961: A B 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 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 E Association of Persons (AOP),
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