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2016 (4) TMI 530 - HC - Income TaxInterest income received by the club from fixed deposit in bank - house property or income is from other sources - Held that:- The principle of mutuality is not available to the assessee. We do not find that any such inference can be drawn from the order of the Supreme Court in Cawnpore Club Ltd. [1998 (2) TMI 591 - SUPREME COURT OF INDIA ] if read along with the order passed in Banikpur Club Ltd (1997 (5) TMI 392 - SUPREME Court). We find that the interest income cannot be form the house property and consequently this income is from other sources. In view of judgment of Gujarat High Court in the case of Sports Club of Gujrat Limited (1987 (10) TMI 21 - GUJARAT High Court ) there is no principle of mutuality between the interest income from the F.D.R. and other activities of the club. - Decided in favour of the Revenue
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