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
members. The assessee
submitted before the AO that as per the mutuality concept, the assessee's
income is exempt on the concept ... clause in the bye laws does not affect or vitiate the
mutuality concept as understood by the AO, since the funds would be
vested with
stating that the transactions carried out by
the assessee are on mutual concept basis and hence the loss claimed by the
assessee is not allowable ... Commissioner of Income Tax (Appeals) is quite correct
in appreciating the mutuality concept applicable in this case and his reference to the
following case laws
status of the case at different stages. Hence the mutual concept is not
acceptable as mentioned above that the body is governed by the present ... been paid on it. The interest amount has no concept of mutual concern and has to be
taxed. The assessee was show cause vide note
conditions must
exist before an activity could be brought under the concept of mutuality;
7 I.T.A. No.2338/M/17
that no person ... such the AOP body by the society is not
covered by concept of mutuality at all."
27) These are the findings of fact which
conditions must exist before an activity could
be brought under the concept of mutuality;
that no person can earn from him;
that there a profit ... such the AOP body by the
society is not covered by concept of mutuality at all."
27) These are the findings of fact which
tantamounts to an activity of service provided to a member under
mutuality concept and hence, not taxable, for which we draw support from
conditions must exist
before an activity could be brought under the concept of mutuality;
that no person can earn from him;
that there a profit ... such
the AOP body by the society is not covered by concept of mutuality at all."
27) These are the findings of fact which
conditions must
exist before an activity could be brought under the concept of mutuality;
that no person can earn from him;
that there a profit ... such the AOP body by
the society is not covered by concept of mutuality at all."
27) These are the findings of fact which
conditions must exist
before an activity could be brought under the concept of mutuality;
that no person can earn from him;
that there a profit ... such the AOP body by the society is not covered by
concept of mutuality at all."
27) These are the findings of fact which
