Mutuality under The Income Tax
Act – Origin & Development
What is taxable under the Income Tax Act is
“income” or “profits” or “gains” as they accrue to
a person in his dealings with other party or parties
that do not share the same identity with the assessee.
For income, there is an underlying exchange of a
commercial nature between two different entities.1
The principle that no one can make profit of himself
is true enough but may in its application, easily lead
to confusion.2
About the Author: agarwal.agarwal@gmail.com Source: Published in AIFTP Journal for the month of September, 2020
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Posted on: November 2nd, 2020
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