2000 (3) TMI 4 - SC - Income Tax

Club - provides recreational and refreshment facilities exclusively to its members and their guests - Tribunal was legally correct in holding that the annual letting value of the club building is not assessable to income-tax under the head 'Income from property' - business of the appellant is governed by the principle of mutuality even the deemed income from its property is governed by the said principle of mutuality. Therefore, these appeals have to succeed