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2008 (3) TMI 134 - HC - Income TaxAssessee is a club not having object of earning - even if there be temporary or honorary members who are not entitled to vote, the assessee would not cease to be governed by the principles of mutuality - Once the assessee is governed by the principles of mutuality, its income earned would not be assessable - Tribunal was right in holding that the entrance fees received by assessee & subscription for the life members is capital receipt not chargeable to tax as the principle of mutuality applies
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