Principle of Mutuality not Applicable on Income Earned by Clubs through its Assets and Resources, from Persons who are not Members, Income Tax Applicable: Supreme Court [Read Judgement]

Principle - Mutuality - Income -Clubs - Assets -Persons-, Income- Tax -Supreme Court TAXSCAN

In a major decision the Supreme Court has ruled that the principle of mutuality is not applicable on income earned by clubs through its assets and resources, from persons who are not members and hence taxable under the Income Tax Act, 1961. In the present case the Supreme Court was dealing with a batch of…

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