1997 (5) TMI 392 - SUPREME COURT

Receipts for the various facilities extended by the clubs to their members as part of the usual privileges, advantages & conveniences, attached to the membership, cannot be said to be a trading activity - such activities claimed as " mutual concern " or " members' club " is a trade or an adventure in the nature of trade and the transactions entered into with the members or non-members alike is a trade/business/transaction and the resultant surplus is certainly profit income liable to tax - Decided in favor of assessee - against the revenue