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2019 (11) TMI 657 - HC - Income TaxIncome earned by the club from deposits made in banks - claimed to be exempt, applying the principal of mutuality - HELD THAT:- The taxability of income earned by similarly placed clubs was the subject matter of challenge before the Supreme Court in the case of Bangalore Club V. Commissioner of Income Tax and others [2013 (1) TMI 343 - SUPREME COURT] and the Supreme Court held that interest earned by clubs from banks would not fall within the ambit of the principles of mutuality and would thus be liable to tax in the hands of the clubs. Even in this case, the exemption is sought on identical facts, that is, on income that has been earned by the petitioner club from its investments made with banks. Thus the judgment and the ratio thereof as extracted above will cover the facts and circumstances of the present case on all fours. These Writ Petitions are thus dismissed.
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