J&K&L HC: Failure to Frame Limitation Issue Not Fatal; Courts May Examine Limitation Suo Motu  ||  Bombay HC: Preventing Feeding Stray Dogs at Society or Bus Stop is Not 'Wrongful Restraint'  ||  Gujarat HC: Not All Injuries Reduce Earning Capacity; Functional Disability Must Be Assessed  ||  Delhi HC: Framing of Charges is Interlocutory and Not Appealable under Section 21 of NIA Act  ||  Supreme Court: Mutation of Revenue Records Can Be Based on a Will  ||  Supreme Court: Informant’s Criminal Revision Does Not Abate on Death; Other Victims May Continue  ||  Supreme Court: Driving Licence Renewal After a Gap Will Not Take Effect From Expiry Date  ||  Supreme Court: High Courts Cannot Quash Cheque Bounce Cases by Pre-Trial Inquiry Into Liability  ||  Supreme Court: Passport Renewal Cannot be Denied if Trial Court Has Permitted it Despite Pending Case  ||  SC: Delay in Depositing Sale Balance Does not Make Specific Performance Decree Inexecutable    

SC: Principle of Mutuality not Applicable to Income from Deposits in Member Banks - (21 Aug 2023)

DIRECT TAXATION

Supreme Court has held that if any income is earned by the Clubs through deposits made by clubs in banks that are members of the club, such income would not be covered under the principle of mutuality and would be liable to be taxed under the provisions of the Income Tax Act.

Tags : SUPREME COURT   PRINCIPLE OF MUTUALITY   CLUBS   BANKS  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved