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Members’ Club Not Eligible u/s 12A but Mutuality Defence Restored for Fresh AO Check
Case Law Details
- Case Name
- City Institute Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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City Institute Vs ITO (ITAT Bangalore)
Members’ Club Not Eligible u/s 12A but Mutuality Defence Restored for Fresh AO Check; Double Addition on Cash Deposits & Gross Receipts – ITAT Remands Club Case
Bangalore Tribunal dealt with the taxability of a members’ club claiming mutuality & the addition made for cash deposits during demonetisation.
Assessee, a club, did not file its return on the presumption that its income was exempt under the principle of mutuality. During assessment proceedings u/s 144, AO noticed cash deposits of ₹1,19,44,070 in various bank accounts including ol...
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