Surplus arising to club not taxable on the principal of Mutuality & consistency

Sports Club of Gujarat Ltd. Vs PCIT (ITAT Ahmedabad) Introduction: The case of Sports Club of Gujarat Ltd. vs. PCIT, as adjudicated by the Income Tax Appellate Tribunal (ITAT) in Ahmedabad, revolves around the taxability of entrance membership fees. The tribunal’s decision hinges on the principles of mutuality and draws comparisons to relevant legal precedents. Detailed Analysis: Principle of Mutuality: The ITAT, in its analysis, emphasized the principle of mutuality. It distinguished the case from the Delhi Stock Exchange precedent, asserting that the lack of mutuality in the trade asso...