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
income from other sources. The
assessee has incurred expenses based on mutual concept and said expenses has
indirect nexus and are for maintaining and preserving ... assessee is
a non-trading association and running its activities on mutuality concept. The
assessee-association receives the contribution from its members. The unutilized
contribution
Media Research Users Council, Mumbai vs Addl Dit (E) Rg 1, Mumbai on 29 March
disallowing the claim of
Interest income on the basis of concept of mutuality of Rs.
41,69,909/- under section ... Maintenance are for common
benefit of RWA. As such on mutuality concept they do not come
under the tax preview
section 80P and the assessee has not following the
principal of mutuality concept and therefore, the deduction claimed u/s.
80P(2) was disallowed. Also
conditions
must exist before an activity could be brought under the concept of
mutuality;
It is noticed that the fund invested with bank which ... such the AOP body by the society is not covered by concept
of mutuality at all'..."
7.5 The appellant pleaded that the Supreme
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