Exemption of Tax under the doctrine of mutuality
Last updated: 27 April 2013
Court :
SUPREME COURT OF INDIA
Brief :
The facts necessary for the purpose of appreciating the controversy involved in the appeal are as follows:
The Bangalore Club (hereinafter referred to as the “assessee”), the appellant herein, is an unincorporated Association of Persons, (AOP). In relation to the assessment years 1989-90, 1990-91, 1993-94, 1994-95, 1995-96, 1996- 97, 1997-98, 1998-99 and 1999-2000, the assessee sought an exemption from payment of income tax on the interest earned on the fixed deposits kept with certain banks, which were corporate members of the assessee, on the basis of doctrine of mutuality. However, tax was paid on the interest earned on fixed deposits kept with non-member banks.
Citation :
M/S. BANGALORE CLUB — APPELLANT VERSUS COMMISSIONER OF INCOME TAX & ANR.— RESPONDENTS
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CS Bijoy
Published in Income Tax
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