entertaining mutuality plea. The assessee's claim is that it
fulfils all essential conditions of the mutuality concept. It is
contended that this mutuality ... question received
from members and non members. It seeks to apply mutuality
concept in case of members contributions. Hon'ble apex court
in case
2015 has filed
revised working of taxable income as per mutuality concept. In
3
I.T.A. No. 849 /Mum/20 17
Fixed Income Money ... ignore
the earlier claim of the assessee on mutuality concept and in this
respect, assessee relied on few case law.
5. After considering the submission
These amounts were not offered for taxation on the ground that concept of mutuality applied in the assessee's case. However, the assessing officer ... view that concept of mutuality did not apply to the case of the assessee for the reasons - (1) the amounts received were not voluntary contributions
Rules governing the club. The AR's
reliance on the concept of mutuality is somewhat misplaced in-as-
much as the preponderant judicial view ... earned by the assessee is not covered by the
concept of mutuality. Therefore the rental income of
Rs.55,87,395/- is assessed as income
Rules governing the club. The AR's
reliance on the concept of mutuality is somewhat misplaced in-as-
much as the preponderant judicial view ... earned by the assessee is not covered by the
concept of mutuality. Therefore the rental income of
Rs.55,87,395/- is assessed as income
Rules governing the club. The AR's
reliance on the concept of mutuality is somewhat misplaced in-as-
much as the preponderant judicial view ... earned by the assessee is not covered by the
concept of mutuality. Therefore the rental income of
Rs.55,87,395/- is assessed as income
charitable trust and principles of
mutuality are mutually exclusive of each other. In the mutual
association the members subscribe for the primary purpose of
benefiting ... mutuality
should not be applied as the assessee's activity is based on
mutual cooperation. In response the assessee stated that
mutuality concept
that the assessee is a mutual concern and governed by the
concept of mutuality and therefore its entire income is exempt from
taxation. Alternatively ... therefore,
the appellant's entire income is exempt under the concept of mutuality.
It was submitted that its entire income is exempt under
entitled for deduction either U/s. 80P or under the
concept of mutuality. Accordingly, he denied the benefit and
restricted it to an amount ... main object of the society is under the 'Concept of
Mutuality' where the members can deposit amounts into
the society and avail loans
offered for tax.
(iii) The assessee's claim of mutuality concept in
respect of interest receipt from bank cannot be accepted
in view ... claiming exemption on
the income earned by it under mutuality concept and
offering the income under the head `Income from profits
and gains of business
