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
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
historic interest.
Then the Assessing Officer noted that the "concept of mutuality" was also
not applicable in the case of the assessee. According ... very fact takes
the assessee out of the ambit of "concept of mutuality" and thus the
leasing out of properties to the outside
taxing the oilier
income from ton-members on the basis of mutuality concept
the Revenue has filed SLPs in the case of Otters Club,
Goregaon ... tile Income Tax Act,
1961 and not covered by the principle Of mutuality though
the assessee trust was violating Provisions of Section
Supreme Court) are
different than those of our client.
2. The concept of mutuality had been violated in the Bangalore Club case. The three ... mutuality these banks advanced loans to their clients, i.e. third parties outside
of the mutuality, thereby rupturing the 'privity of mutuality'.
Secondly
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 ... operation can only be considered as
mutual entity not charitable. Accordingly, AO completed the
assessment based on mutuality concept. Ld. CIT(A) also agreed
with
Appellant arc
commercial in nature
Non-applicability of principle of mutuality
3) Without prejudice to (he above, on the facts and in the circumstances ... that the conditions for
applicability of the principle of mutuality concept are not satisfied by the Appellant
Each of the above grounds of appeal
society because the
transfer does not get covered in the concept of mutuality. Further the
shop owners who enjoy land of society are certainly ... were examined in the fight of the
principles applicable to the concept of mutuality, then it had to be held
that the ingredients of mutuality
section 11 of the Act."
10.4 With regard to the mutuality concept raised by the tax authorities in
this case, this issue also appropriately ... assessment year 2007-08, the Assessing Officer concluded that the
assessee is mutual concern, as it does not treat the members and
non-members
