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2009 (8) TMI 839 - ITAT MUMBAI
Extract:
....... no application of the principle of mutuality to the assessee. Consequently, there is no issue about of allocation of income receipts between members or others and expenditure thereof. Accordingly, the grounds relating to the issues at (iv) and ( v) above are also allowed. 27. In the result, all the three appeals of the assessee are partly allowed.