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2013 (12) TMI 991 - ITAT CHANDIGARHPrinciples of mutuality – Held that:- Following Bangalore Club Vs. CIT & Others [2013 (1) TMI 343 - SUPREME COURT] - Doctrine of mutuality was applicable upon surplus amount received from members but the amount of interest earned by the assessee from the banks would not fall within the ambit of mutuality principles and would, therefore, be exigible to tax in the hands of the assessee club - Bringing the interest income earned by the assessee during the year to tax, does not result in any enhancement of income – Decided partly in favor of revenue.
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