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1984 (1) TMI 20 - HC - Income TaxExtract: .......7 ITR 264 has also held that the rental income derived by a members club for providing accommodation to members, their families and friends were not liable to tax on the basis of the principle of mutuality. In view of the aforesaid, both the questions are answered in the affirmative and against the Revenue. Each party to pay and bear its own costs.
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