Case Law Details
Case Name : M/S. Bangalore Club Vs Commissioner Of Income Tax & Anr. (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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SUPREME COURT OF INDIA
Bangalore Club
Versus
Commissioner of Income-tax
CIVIL APPEAL NOs. 124 & 125 OF 2007 and 272 to 278 of 2013
JANUARY 14, 2013
JUDGMENT
D.K. Jain, J. – Leave granted in Special Leave Petitions.
2. This batch of appeals arises from a common judgment and order pronounced by the High Court of Karnataka, in Income Tax Appeals No. 115 of 1999 along with 70 of 2000, 3095 of 2005, 1547 of 2005, 1548 of 2005, 3091 of 2005, 3089 of 2005 along with 3093 of 2005, and 3088 of 2005. Since these appeals entail the same issue, they are being disposed of by th...
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Interesting comments by Bala from Chennai. This is a clear case of misuse of the judicial machinery.
In my view,neither the club nor the banks,who were members of the club,would have thought of the concept of mutuality at time of concluding the F D deals. The principle of mutuality ,if at all, should exist on both the sides. I don’t think that the member banks who took the deposits from the club would have accounted for the interest element on the subject deposits on mutuality principle. Clothing normal arms-length commercial transactions as deals involving principle of mutuality appears to be an after- thought.
The club has successfully managed to take the precious time of the Supreme Court on this issue involving an income of Rs 7.87 lakhs. I wonder how the appeal was not dismissed at admission stage and how the club management did not put a check on such litigations.
Without offence to any one.
Regards.
R Balasubramanian, Chennai-59.