Mutuality
This query is : Resolved
05 December 2010
Income earn under mutuality concept. Can u tel me undr which sec.it exempt under IT Act.
07 December 2010
section 2(24) shows that the Act recognizes the principle of mutuality and has excluded all
businesses involving such principle from the purview of the Act, except those mentioned in clause (vii) of that
section and the business of the assessee does not come within the scope of business referred to in section 2(24)
(vii).
businesses involving such principle from the purview of the Act, except those mentioned in clause (vii) of that
section and the business of the assessee does not come within the scope of business referred to in section 2(24)
(vii).
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