Fixed Deposits with them, is not exempted from tax on the concept of Mutuality". In some appeals, a further question ... amounts by way of interest cannot be held to satisfy the mutuality concept. As held in the decision of the Karnataka High Court reported
necessary to bear in mind two concepts. The first concept is that the principle of mutuality is based on the doctrine that no person ... admissi-bility of the claim for exemption based on concept of mutuality. The Supreme Court in Commissioner of Income-tax v. Royal Western India Turf
while completing the assessment under Section 143(3) held that the concept of mutuality will not be applicable in respect of miscellaneous income amounting ... while completing the assessment under Section 143(3) held that the concept of mutuality will not be applicable in respect of interest on investment
April 2002 to 31st March 2003. Can be extended with mutual concept. Either party would have the option of discontinuing with 2 Months written notice
amounts by way of interest cannot be held to satisfy the mutuality concept. As held in the decision of the Karnataka High Court reported ... Employees Death & Superannuation Relief Fund (supra) the principle of mutuality could be confined in respect of the income earned by the club
that he could not sell the property as owner. The two conceptions are mutually inconsistent and there is neither justice nor equity that merely because
Income Tax Appellate Tribunal was right in law in overlooking the concept of mutuality ?
(2) Whether, on the facts and circumstances of the case
Official Liquidator vs N. Chandranarayanan on 21 September, 1972
Equivalent citations: [1973]43COMPCAS244(MAD)
JUDGMENT
appeal by the assessee therein, the Tribunal held that there was no mutual agreement between the bank and the assessee and that the income derived ... Income Tax Appellate Tribunal was right in law in overlooking the concept of mutuality ?
(2) Whether, on the facts and circumstances of the case
springs from a contract and as a contract could be discharged by mutual agreement, so also the jural relationship created by an agreement between partners ... extinguishing or breaking away the partnership firm and snap the concept of mutual agency as between quondam partners. Such a dissolution can be made orally
