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Mutuality

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(Querist)
05 December 2010 Income earn under mutuality concept. Can u tel me undr which sec.it exempt under IT Act.
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vinay v. kawdia

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vinay v. kawdia (Expert)
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).
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