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1995 (7) TMI 114 - AT - Income TaxExtract: ....... mutual concern, was entitled to exemption. The transfer fee was being used for the benefit of the members and, therefore, the principle of mutuality was applicable to the case of the assessee. 8. In the result, it is held that the income by way of transfer fee was not assessable to tax on the principle of mutuality. Both the appeals stand allowed.
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