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3)   Delhi   Stock   Exchange   Association   Ltd   v.  Commissioner of Income tax reported in (1961) 41 ITR  495 (SC), in which the assessee was a Stock Exchange.  The   income   accrued   was   distributed   amongst   the  shareholders.   It   was   held   that   receipts   by   Stock  Exchange Association towards admission fee on account  of   authorised   assistants   and   members   are   taxable   as  income   from   business   and   the   concept   of   mutuality  would not apply. 

  It was held that applying such criteria to the facts of  case on hand, the business of the assessee was governed  by the doctrine of mutuality. 

• In   case   of    Bangalore   Club  (supra),   the   Supreme   Court  observed that the concept of mutuality has been extended  to defined  groups  of people  who  contribute  to a common  fund, controlled by the group, for a common  benefit. Any  amount   surplus   to   that   needed   to   pursue   the   common  purpose  is  said  to  be   simply  an  increase  of  the  common  fund and as such neither considered income nor taxable. It  was   further   observed   that   over   time,   groups   which   have  been   considered   to   have   mutual   income   have   included  corporate   bodies,   clubs,   friendly   societies,   credit   unions,  automobile associations, insurance companies and finance  organizations.