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2023 (9) TMI 1336 - ITAT KOLKATAPrinciple of mutuality - interest income earned by the assessee on the deposits with the bank - assessee-club claimed before the AO that it is a mutual organisation comprising of its members and the surplus income earned from mutual transactions is not taxable as per the principle of mutuality - AO noted that the doctrine of mutuality did not apply on the interest income on FDRs and security deposits as the same are income earned from third party - HELD THAT:- The issue is squarely covered in the case of Secundrabad Club etc [2023 (8) TMI 925 - SUPREME COURT] has categorically held that the principle of mutuality does not exempt from tax interest income earned by clubs from FDs in banks, irrespective of whether the banks are corporate members of the club or not. There is no infirmity in the orders of the lower authorities. There is no merit in the appeals of the assessee and the same are accordingly dismissed.
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