Interest on fixed deposit with banks cannot be claimed as exempt by a club on principal of mutuality

HIGH COURT OF UTTARAKHAND Commissioner of Income-tax, Dehradun Versus Dehradun Club Ltd. IT APPEAL NO. 155 OF 2007 DECEMBER 3, 2012 ORDER Barin Ghosh, CJ. Initially, the assessee was represented by Sri S.K. Posti, Advocate. Sri S.K. Posti withdrew from the case. Accordingly, an administrative notice was directed to be issued upon the respondent/assessee. Such notice has been served upon the respondent/assessee. Despite that, none appears on behalf of the respondent/assessee. 2. This appeal is relevant for the Assessment Year 1999-2000. The assessee filed a return showing nil ...