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2004 (12) TMI 81 - HC - Income TaxMutuality - "1. Whether, the Appellate Tribunal was justified in holding that the income of the assessee-association of persons was exempt from tax on the ground of mutuality? 2. Whether, the Tribunal was justified in ignoring that the income of the assessee-association of persons was assessable as business income under section 28(iii) of the Income-tax Act, 1961 in view of the fact that the assessee-association of persons was carrying on an organised activity of arranging meetings and conferences for discussing matters of productions, accounts, taxation, etc.?" - We find that the organisation has been formed to promote and protect the interest of its members and it also provided that upon dissolution the surplus shall be distributed amongst the members of the organisation on the basis of their contribution. There is no finding that the respondent-organisation was catering to the need of any outsider - We answer both the questions referred to us in the affirmative, i.e., in favour of the assessee and against the Revenue
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