Tax alert: Principle of mutuality not applicable on interest earned from fixed deposit with banks has been saved
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Tax alert: Principle of mutuality not applicable on interest earned from fixed deposit with banks
10 October 2023
The Supreme Court has held that the principle of mutuality would not apply to interest income earned on fixed deposits made by clubs, in banks, irrespective of whether or not the banks are corporate members of the club and would be liable to be taxed in the hands of the club.
