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
entitled for deduction either U/s. 80P or under the
concept of mutuality. Accordingly, he denied the benefit and
restricted it to an amount ... main object of the society is under the 'Concept of
Mutuality' where the members can deposit amounts into
the society and avail loans
The Bank Of Tolyo- Mitsubishi Ufj Ltd., ... vs Assessee on 19 September, 2014
IN THE
members. As such, the AO came to the conclusion that the concept of mutuality is not applicable to the assessee's functioning ... club is operating more as a commercial venture and the concept of mutuality, with its cardinal principle of identity between the contributors and the participators
these expenditure is part
of the expenditure which is claimed under mutuality concept. Accordingly,
he proceeded to make the disallowance of above said expenditure ... Ground No. 4 which is closely linked to the concept
of the mutuality as discussed in the above paragraph, the activities carried
by the assessee
charity or any other useful objects. While apprising Assessing
Officer, the concept of mutuality, assessee wrote a letter dated 25-03-
2013, the relevant contention ... admissibility of the claim for the exemption
based on the concept of mutuality.''
3. According to the asssessee, the concept of mutuality
there is any statutory bar and/or impediment for the concept of "mutuality" in the co-operative society. However, we are not called ... cannot be a decisive factor in determining the present status of "mutuality". What is of the essence is : what are the ordinary consequences
club and invested in fixed deposits would satisfy the test of
mutuality. The Division Bench of the Madras High Court considered the
decisions ... fixed deposits could not be equated within or
brought within the concept of mutuality and the benefit of tax
exemption could not be extended
facts pleaded by the Department there is
no evidence of any mutuality of interest in the business of
each other.
7. We have carefully considered ... Central Excise, Pune7 , the Court had to consider and
analyse the concept of mutual interest and it was found that
there was common procurement
Official Liquidator vs N. Chandranarayanan on 21 September, 1972
Equivalent citations: [1973]43COMPCAS244(MAD)
JUDGMENT
