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1998 (7) TMI 76 - HC - Income TaxExtract: .......of mutuality for claiming exemption from tax and, therefore, it could not be excluded from the arena of taxation. For the reasons stated, it is held that the assessee was not entitled to exemption from tax on the principle of mutuality. Question No. 2 is answered in the affirmative, i.e., in favour of the Revenue and against the assessee. No costs.
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