CALCUTTA COSMOPOLITAN CLUB LTD.,KOLKATA vs. ITO, WARD-12(1), KOL, KOLKATA

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ITA 450/KOL/2023Status: DisposedITAT Kolkata27 September 2023AY 2013-143 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The tribunal held that the principle of mutuality does not exempt interest income earned by clubs from bank fixed deposits from taxation. This decision is based on a Supreme Court ruling on the same issue.

What were the facts?

The assessee-club claimed that its interest income from bank deposits was not taxable due to the principle of mutuality. The Assessing Officer and CIT(A) rejected this claim, holding that mutuality does not apply to interest income from third parties.

What were the issues?

Whether the principle of mutuality applies to interest income earned by a club on its bank deposits.

Which sections of the Income-tax Act were involved?

Section 250

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

Detected automatically from the text. The count shows how many other judgments on BharatTax rely on the same authority.

  • 153 Taxmann.com 441
    153 Taxmann.com 441 · 2023 · SC
    3 citing

Income Tax Appellate Tribunal, “C” BENCH KOLKATA

Before: Shri Sanjay Garg & Dr. Manish Borad

order

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