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2010 (6) TMI 52 - HC - Income TaxConcept of mutuality taxability of excess of income over expenditure taxability of interest on bank fixed deposits, other deposits and income-tax refunds held that: - The income is not generated out of dealings with any third party. The entire contribution originates in its members and is expended only in furtherance of the objects of the Association, for the benefit of the members. On these facts, both the Commissioner (Appeals) and the Tribunal were justified in coming to the conclusion that the surplus so generated falls within the purview of the doctrine of mutuality and was not exigible to tax. interest on bank fixed deposits are taxable since the same did not arise out of mutuality regarding taxability of other deposits and interest on income-tax refunds, matter remitted back to tribunal for fresh consideration.
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