M/S. BANGALORE CLUB vs. COMMISSIONER OF INCOME TAX
SLP(C) No.-014470-014470 - 2006Supreme Court14 Jan 2013
Section 260A
Section 2 (24) of the Act). The concept of
mutuality has been extended to defined groups of people
who contribute to a common fund, controlled by the group,
for a common benefit. Any amount surplus to that needed
to pursue the common purpose is said to be simply an
increase of the common fund and as such neither
considered income
