Delhi on 20.06.1956. The society works on the concept of mutuality and is
engaged in the activity of granting thrift and credit facilities ... Stress was laid on the fact that the concept of mutuality in the case of
Co-operative Societies has been recognised
conditions
must exist before an activity could be brought under the concept of
mutuality:
(i) that no person can earn from him;
(ii) that there ... such the
AOP body by the Society is not covered by concept of mutuality at
all."
26. These are the findings of fact which
said profit motive cannot be covered
by the "concept of mutuality" as claimed by the assessee society.
5
ITA No.4708/Mum/2015 ... Khosla Investment Pvt Ltd, was an outsider. Accordingly, the concept
of mutuality cannot be made applicable on the said transaction.
Accordingly, he held that
lending money only to its members. Being so, applying the concept of
mutuality, the total income of the assessee has to be exempt from ... Supreme Court had an occasion to consider this
mutuality concept. Similar issue came up for consideration of the
Hon'ble Supreme Court
Neptune Infrastructure Pvt.Ltd., ... vs Department Of Income Tax on 19 October, 2011
IN THE
that amount was
received from non-members which rapture the basic concept of
mutuality
7. The appellant craves leave to amend or to alter ... Contribution 7,53,30,000/- Tax free under the
from members concept of mutuality
2 Interest 3,29,31,141/- Taxed under Other
sources
that amount was
received from non-members which rapture the basic concept of
mutuality
7. The appellant craves leave to amend or to alter ... Contribution 7,53,30,000/- Tax free under the
from members concept of mutuality
2 Interest 3,29,31,141/- Taxed under Other
sources
that amount was
received from non-members which rapture the basic concept of
mutuality
7. The appellant craves leave to amend or to alter ... Contribution 7,53,30,000/- Tax free under the
from members concept of mutuality
2 Interest 3,29,31,141/- Taxed under Other
sources
that amount was
received from non-members which rapture the basic concept of
mutuality
7. The appellant craves leave to amend or to alter ... Contribution 7,53,30,000/- Tax free under the
from members concept of mutuality
2 Interest 3,29,31,141/- Taxed under Other
sources
2018-19
Moti Paneli Kishan Mahila & Ors.
considered the concept of mutuality. The Ld. CIT-DR pointed ... that
principles of mutuality in case of Co-operative Societies are must, and
therefore, Ld. CIT-DR contended that mutuality concept has not been
discussed
