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Clubs to be taxed on interest income earned on FDs with banks; principle of mutuality does not apply: SC

The Supreme Court has ruled that social and recreational clubs must pay taxes on the interest income earned from fixed deposits (FDs) in banks. The principle of mutuality does not apply to income earned on FDs made by clubs in banks. The courts decision came after a batch of appeals from the Andhra Pradesh High Court and the Madras High Court related to several clubs. ....

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