M/S.Madras Race Club vs The Deputy Commissioner Of Income-Tax on 23 April, 2021
b) CIT vs. Bokoro Steel Ltd. (236 ITR 315)
Your appellant would like to rely on the interest
received by the club from the fixed deposits with banks
is not taxable on the principles of mutuality as held by
the Supreme Court in the case of CIT vs. Cawnpore
Club Ltd. (Civil Appeal Nos.4777-8 of 1999
(unreported decision) which is followed in the decision
of ITAT Hyderabad.