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2008 (3) TMI 45 - HC - Income TaxInterest income from the loans advanced to various loanees, the said income was related to the banking activities, therefore, is liable for exemption under Section 80P(2)(a)(i). In that situation, if the assessee received the interest income from the loan advanced to various loanees related to the banking activities, then whether a loanee was the member or not the member of the co-operative society, loses its significance – Therefore, interest earned from members can not be disallowed.
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