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2009 (7) TMI 68 - HC - Income TaxMutuality – Interest on Fixed Deposits / investments out of surplus funds received from its members - such deposits/investments were made with institutional members who were either banking institutions or Public Sector Undertakings – held that - investment of surplus fund with some of the member banks and other institutions in the form of Fixed Deposits and securities which in turn result in earning of huge surplus amounts by way of interest cannot be held to satisfy the mutuality concept - the assessees filed nil return and since the Assessing Authority by invoking substantive part of Section 147 sought the interest earned by the assessees from the surplus income deposited with the financial institutions and Public Sector Undertakings as one of escaped assessment, the question of limitation does not arise
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