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2008 (7) TMI 239 - HC - Income TaxSociety – members’ contribution towards corpus fund was utilized for advancing loans to the members – society received interest on said loans & surplus funds of society were invested in bank deposits – assessee claimed exemption from tax on basis of principle of mutuality - interest on investment and dividend on shares is deemed income from the property of the assessee (funds contributed by its members) and is governed by the principle of mutuality. Therefore, assessee’s claim is accepted
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