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2018 (10) TMI 1877 - HC - Income TaxAssessment of club - Interest income from fixed deposit earned by the appellant from bank out of the surplus funds raised from contribution of several members of the appellants club - principle of mutuality and 'No Man can trade with himself' - benefit of interest derived is utilised by several members of the appellant's club - HELD THAT:- Appellant/assessee fairly submits that the above Substantial Question of Law has been decided against the assessee in the assessee's own case. Further in the case of Madras Gymkhana Club vs. Deputy Commissioner of Income Tax [2009 (7) TMI 68 - MADRAS HIGH COURT] an identical question came for consideration and the same has been decided against the assessee. In Bangalore Club vs. Commissioner of Income Tax. [2013 (1) TMI 343 - SUPREME COURT] held that if the object of the assessee company claiming to be a “mutual concern” or “club”, is to carry on a particular business and money is realized both from the members and from non-members, for the same consideration by giving the same or similar facilities to all alike in respect of the one and the same business carried on by it, the dealings as a whole disclose the same profit earning motive and are alike tainted with commerciality - Decided against the assessee
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