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2008 (12) TMI 68 - HC - Income TaxAssessee is a registered society and is also registered u/s 12A - AO sought to tax interest income received by the assessee from the deposit in the bank - Revenue’s submit that the assessee is not a Trust - assessee plea is that the income was exempt u/s 11 - in view of explanation to S. 13(1), which defines the term ‘Trust’, inter alia for purposes of S. 11, to include any other legal obligation, revenue’s submission is not acceptable – hence interest on deposits is entitled to exemption
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