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2011 (6) TMI 70 - AT - Income TaxPrinciple of mutuality - Exemption from tax - Principle of mutuality - Held that:- It is clear that income earned from outside agency on interest or securities from the bank would not be covered on the principles of mutuality for claiming exemption from tax and, therefore, it could not be excluded from the arena of taxation - Hence, the assessee was not entitled to exemption from tax on the principle of mutuality - Thus, issue herein is decided in favour of the revenue and against the assessee.
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