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2001 (8) TMI 86 - HC - Income TaxExtract: .......ty can be applied. In the present case, the assessee is under no obligation to return the funds to the contributors. Thus, it cannot invoke the principle of mutuality. The view taken by the Tribunal is correct. Resultantly, the question as posed above is answered against the assessee and in favour of the Revenue. There will be no order as to costs.
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