Supreme Court · 2023 INSC 736 · Decided 17 August 2023
Secundrabad Club ETC. v. C.I.T.-V ETC.
- Court
- Supreme Court of India
- Citation
- 2023 INSC 736 · [2023] 12 S.C.R. 979
- Case number
- CIVIL APPEAL No. 5195/2012
- Decided
- 17 August 2023
- Bench
- B.V. NAGARATHNA, PRASHANT KUMAR MISHRA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 141; Income Tax Act Section 2(24)
Headnote
HEADNOTES Issues for consideration: Whether the deposit of surplus funds by the assessee Clubs by way of bank deposits in various banks is liable to be taxed in the hands of the Clubs or, whether, the principle of mutuality would apply and the interest earned from the deposits to tax under the provisions of the Income Tax Act, 1961; and whether the judgment of this Court in *Bangalore Club's case would call for reconsideration in light of the order of this Court in **Cawnpore Club's case. Income Tax Act, 1961 - s. 2(24) - Deposit of surplus
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