M/S. BANGALORE CLUB vs. COMMISSIONER OF INCOME TAX
SLP(C) No.-014470-014470 - 2006Supreme Court14 Jan 2013
Section 260A
House of
Lords in The Commissioners Of Inland Revenue Vs.
The Cornish Mutual Assurance Co. Ltd.4 wherein it
was held that a mutual concern may be held to carry on a
business or trade with its members, though the surplus
arising from such trade is not taxable income or profit.
10.
The High Court of Australia first considered the
mutuality
