Members’ Club Not Eligible u/s 12A but Mutuality Defence Restored for Fresh AO Check

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...