Non-trading association running on mutual concept eligible to claim expenses against interest income
Case Law Details
Case Name : Dhananjay Satellite Members Association Vs ITO (ITAT Ahmedabad)
Related Assessment Year : 2015-16 to 2016-17
Courts :
All ITAT ITAT Ahmedabad
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Dhananjay Satellite Members Association Vs ITO (ITAT Ahmedabad)
We note that assessee is registered as a non-trading organization, and the registration certificate is placed at page nos. 1, 2 and 3 of the assessee`s paper book. The assessee submitted before us, memorandum of association of the trust, which is placed at page no.4 to 20 of the paper book, wherein we find that objectives of the association are to look after the member’s common property and to organize social and cultural activities. The Learned Counsel for the assessee submitted before us, Income and Expenditure Account, Balanc...
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INSTANT: There is a more than apparent mix-up of sorts; in that, those observations on the grounds of which the conclusion has been reached by the itat are absurd and seemingly make NO SENSE by any thinking or logic. !!- Anyone to disagree !?
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Is that not a sad commentary that none of those who have viewed the itat order have thus far shied away from realising that the ‘doctrine of mutuality’, the common law principle has been even at this late hour failed to be known ?!