otherwise the income of the appellant was exempt by the principle of mutuality which aspect has not been denied by the AO as is borne ... earned by the appellant: Even otherwise income was exempt due to mutuality concept. The assessee's counsel maintains that it was a covered case
Dy. Cit vs Shree Synthetics Ltd. on 7 March, 2002
Equivalent citations: (2004)88TTJ(INDORE
noticed that the assessee being a private club, there is no concept of mutuality
involved in this case and hence the entire amount received
addition to pension, Pension and Gratuity are not' mutually exclusive arid incompatible concept of retiral benefits. Rather in most cases, both exist simultaneously
laws of this company do not demonstrate that it is a mutual association. The judgment of the Hon'ble Punjab and Haryana High Court ... case on hand.
17. The principles of mutuality are based on the concept that no one can make profits out of himself
accordance with those mutually agreed terms. The argument is wholly misconceived. It is borrowed from the archaic common law concept that employment was a matter
drafted with mutually inconsistent stipulations enables the surety to revoke the agreement which of course is totally in conflict with the concept of continuing agreement
terminated any time by either of the above said parties with mutual consent and with 15 days notice. In such an event of premature termination ... made by A1 before us that to prove 'Related Person' concept and apply the deemed price as per proviso
back to establish mutuality of interest as laid down by the Courts and the Tribunals to establish the related persons concept has not been satisfied
faculties, is the Rishi or Kavi, sage or seer. It is these conceptions of the truth, satyam and riam, that we have to apply ... Veda."
26. Thus the illustrious saint has referred to the concept of Jatavedas, knower of all births, visvani vayunani vidvan, which means - it knows
