Sec. 4 of Income-tax Act, 1961 – Income – Appeal assails the final judgment of the High Court wherein the question of taxability of Rs. 44,44,002, being the excess of income over expenditure for the asst. yr. 2001-02, was settled in favour of the Revenue and against the assessee, thereby confirming the orders of the ITAT, CIT (A) and the AO. The appeal was focused on the questions “Whether the assessee company would qualify as a mutual concern in the eyes of law, thereby exempting subject transactions from tax liability and; whether the excess of income over expenditure in the hands of the assessee company is not taxable”. Supreme Court disposed of the appeal of the appellant-assessee by answering the proposed questions against the appellant and in favour of the Revenue upholding the impugned judgment with liberty to the appellant to pursue remedy of rectification, as per law – YUM RESTAURANTS (MARKETING) PRIVATE LTD. Vs. CIT [2020] 271 TAXMAN 217 (SC)