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2018 (3) TMI 209 - AT - Income TaxTaxability of interest received from bank and MSEB - Held that:- Interest income received from bank and MSEB to the tune of ₹ 75,63,440/- in the hands of assessee being not governed by the principle of mutuality. Authorized Representative for the assessee fairly pointed out that the said issue is covered against the assessee by the order of Apex Court in Bangalore Club Vs. CIT & Anr. (2013 (1) TMI 343 - SUPREME COURT). - Decided against assessee Claim of deduction under section 57(iii) - activities undertaken by the assessee club - entrance fee receipt - Held that:- The entrance fees in assessment year 2003-04 was ₹ 44,88,265/- and in assessment year 2007-08, it had raised to ₹ 1,05,20,178/-. In all these years, expenditure to the extent of 7.5% of income has been allowed in the hands of assessee. During the year, entrance fees at ₹ 2.12 crores and in assessment year 2009-10 to the tune of ₹ 1.34 crores. In view of the above said facts and circumstances, we find no merit in the plea of assessee in this regard and the same is dismissed. Accordingly, we hold that the assessee is not eligible to claim any deduction under section 57(iii) of the Act over and above the deduction earlier allowed by the Tribunal in assessee's own case to the extent of 7.5%. The second issue raised by the assessee is thus, dismissed.
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