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PRINCIPLE OF MUTUALITY / MUTUAL CONCERNS

Income Tax - Tax Liability in special Circumstances / Specific Cases - 08 - BASIC PRINCIPAL OF MUTUALITY The first basic principle of mutuality is that no person can trade with himself or make income out of himself. A mutual association arise when a .....

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al development, etc. If, instead of one person, more than one person combine themselves into a distinct and separate legal entity for rendering services to themselves by only charging themselves, the resulting surplus is not chargeable to tax. The pr .....

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to distribute the surplus immediately. The participation in the surplus may be by way of reduction in future contributions or division of surplus on dissolution. The fact that the mutual concern is incorporated as a company does not make any differen .....

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e income from trading so far as it is confined to own members is also exempt. Where a mutual concern derives income from an activity with an outsider, then tax exemption will not apply to such income, i.e., income received from non-members is taxable .....

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ncome or property shall be paid or transferred directly or indirectly, by way of dividends, bonus to any member or former member. [CIT v Escorts Dealers Development Association Ltd. (2002) 253 ITR 305 (P & H)] Contributions made by members to mut .....

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