Principle of mutuality does not apply to interest income earned on fixed deposit in the banks. Appeal of Revenue is dismissed on account of monetary limits.
CIT v. Noida Golf Course Society (Regd) (2024) 337 CTR 255 (SC)
S. 4 : Charge of income-tax-Club-Bank-Interest-Mutuality-Interest on fixed deposits-Principle of mutuality does not apply to interest income earned on fixed deposit in the banks-Appeal of Revenue is dismissed on account of Monetary limits. [S. 268A. Art. 136]