Forex success formula pdf editor

Principe of Mutuality’ applies to the Club or not. It is revealed that originally the higher rank officials of the HUDA have created an Association in the name of assessee Society i. It was resolved by them that certain forex success formula pdf editor rank officials of the HUDA will be only will look after the management of the Society. As held by the Hon’ble Supreme Court in the case of Banglore Club Vs.

An amount received from oneself is not regarded as income and is therefore, not subject to tax. The concept of Mutuality has been has been explained to define group of people who contribute to a common fund, controlled by the group, for a common benefit. It has been observed that a common feature of mutual organization in general and of licensed Club in particular is that participators usually do not have property right to their shares in the common fund, nor they can sell their share. One of the point of views can be that the decision to appoint exofficio members was taken by the first members of the club at the time of its creation which also finds mention in the Memorandum of Association. The other members entering into the club have agreed to the aforesaid aims and objects, hence, it can be said to be a mutual decision of the members of the club to adopt such a procedure of appointing ex-officio members in the management committee. Memorandum of Association provides to invite non-members who are eminent persons of the society such as renowned artists, masters, sportsmen, cultural leaders, scholars, scientists and creative artists, to take advantage of the facilities offered by the Society. In our view that itself does not give any impression that inviting such members to enjoy the facilities of the Club has any profit motive.

The contributors to the common fund and the participators in the surplus must be an identical body. It seems to us that it is difficult to hold that Stylee’s case applies to the facts of the case. A shareholder in the assessee company is entitled to participate in the profits without contribut ing to the funds of the company by taking loans. He is enti tled tor received his dividend as long as he holds a share. He has not to ful fi l any other condi tion.

His position is in no way dif ferent from a shareholder in a banking company, limited by shares. 23 of the order that it is a difficult question of fact as at what point mutuality ends and commerciality begins. In view of the above, there can not be said to be straight jacket formula to say that in every a mutual concern the members must be entitled to a share in the surplus. The contributions made by the members to the assessee cannot be a subject matter of tax merely because the part of its excess of income over expenditure is invested in mutual funds. Hatkesh Co-op Housing Society Ltd vs. A Co-op Hsg Society is not a mutual association because its members can earn income from its property.

The assessee, a Co-operative Housing Society, received a sum of Rs. The Chamber Of Tax Consultants vs. The ITAT has taken the view in favour of taxpayer, after considering , among others, the cited SC Judgment at length and in proper light. GST, and of income-tax as well. For viewpoints likewise canvassed even before,refer the comment posted on this website wprt the Report of above referred SC Judgment.

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