Principle of Mutuality applies to Club run by a Company

This Tax Appeal is filed challenging the judgement of the Income Tax Appellate Tribunal dated 28.08.2006. The Tax Appeal has been taken up for consideration of following substantial questions of law: [A] “Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the CIT(A) deleting the addition of Rs. 1,52,29,000/­ made by the Assessing Officer in respect of life membership and entrance fees and received by the assessee on the ground that mutuality was not applicable to the assessee company?” [B] “Whether the Appellate Tribunal is right in law and...