offered for tax.
(iii) The assessee's claim of mutuality concept in
respect of interest receipt from bank cannot be accepted
in view ... claiming exemption on
the income earned by it under mutuality concept and
offering the income under the head `Income from profits
and gains of business
Supreme Court and has not considered the mutuality concept of the society. He
submitted that as per section 18 of the KCS Act, even nominal ... business done with
associate members does not violate the mutuality concept. Further the business
done with nominal members is hardly 1.82% of the total business
section 80P of the Act on
account of alleged violation of concept of mutuality.
4. The relevant facts are that the assessee is primary agricultural ... deprived of participation in
profits, administration, other rights, which breaks the concept of
mutuality.
7.2 The AO further highlighted that the denial of voting rights
section 80P of the Act on
account of alleged violation of concept of mutuality.
4. The relevant facts are that the assessee is primary agricultural ... deprived of participation in
profits, administration, other rights, which breaks the concept of
mutuality.
7.2 The AO further highlighted that the denial of voting rights
basis of violation of mutuality concept deduction
claimed is added back to the total income. We are having
A class member and also C class ... society.
We don't have any transaction with non-
members.Mutuality concept is not violated. The same is
held in case of Honorable supreme
basis of violation of mutuality concept deduction
claimed is added back to the total income. We are having
A class member and also C class ... society.
We don't have any transaction with non-
members.Mutuality concept is not violated. The same is
held in case of Honorable supreme
basis of violation of mutuality concept deduction
claimed is added back to the total income. We are having
A class member and also C class ... society.
We don't have any transaction with non-
members.Mutuality concept is not violated. The same is
held in case of Honorable supreme
basis of violation of mutuality concept deduction
claimed is added back to the total income. We are having
A class member and also C class ... society.
We don't have any transaction with non-
members.Mutuality concept is not violated. The same is
held in case of Honorable supreme
conditions must exist
before an activity could be brought under the concept of mutuality:
(i) that no person can earn from him;
(ii) that there ... such the AOP body by the Society is not covered by
concept of mutuality at all."
26. These are the findings of fact which
there is no condition precedent as to the fulfillment of
'concept of mutuality' for allowing deduction under ... purpose
of taxing the appellant on the ground that the concept of
mutuality is missing in appellant society. The action of both
the below authorities
