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2005 (7) TMI 288 - ITAT BOMBAY-J
Extract:
....... be taxed on the portion of the interest income relatable to their deposit. 20. In view of the above, no addition of interest income from FDRs/TDRs made out of funds of members can be made in the hands of confederation. It is not taxable in its hands. 21. In the result, the appeals of the assessee are allowed and those of the Revenue are dismissed.