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2016 (4) TMI 1400 - AT - Income TaxDenial of deduction u/s 11, 12 and 13 - applicability of mutuality clause to Bank interest income on deposits made out of the funds contributed by members of society - HELD THAT:- As decided in own case [2012 (2) TMI 700 - ITAT DELHI] principle of mutuality applies to interest income derived by the assessee from deposits made out of contributions made by members of the society. Therefore, ground raised by the Revenue in relation to applicability of principle of mutuality to interest income is dismissed. When the assessee is registered charitable trust its income cannot be computed on the principal of mutuality but is required to be computed u/s 11, 12 and 13 - Decided in favour of assessee.
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