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2008 (1) TMI 115 - HC - Income TaxBusiness of selling yantras to customers, and also selling publication of a monthly journal - amounts received as subscription for life membership are in the nature of capital receipts liable to be returned to the subscriber, hence they are not assessable as income of assessee - assessee have not earned any income as interest from the security amount refundable but then it was passed on to partners of the firm free of interest – matter remanded to AO whether notional interest, is assessable
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