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Interest from Bank by Housing Society Taxable – Principle of mutuality do not apply
Case Law Details
- Case Name
- Commissioner of Income-tax Vs Secunderabad Club Picket (Andhra Pradesh High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Andhra Pradesh HC
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HIGH COURT OF ANDHRA PRADESH
Commissioner of Income-tax
V/s.
Secunderabad Club Picket
ITTA NOS. 422, 443, 529-533 OF 2006, 78 & 81 OF 2007 AND 244 OF 2010
AUGUST 27, 2011
JUDGMENT
V. V. S. Rao J.
These appeals by the Revenue are against the orders of the Income-tax Appellate Tribunal (ITAT), Hyderabad Bench, holding that the interest accrued to the assessee club from its deposits with banks and financial institutions, which are its corporate members, are not tainted with commerciality ; and that such interest income is not taxable on the principle of mutuality. The question of law raised i...
