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A.C.I.T., Circle-33, Kolkata Versus M/s. Central Bank of India Employees Co-operative Society Ltd.

Deductions u/s.80P(2)(a)(i) - interest income earned on Fixed Deposits - Held that - As decided in assessee s own case the amount which was invested in banks to earn interest was not an amount due to any members. It was not the liability. It was not shown as liability in their account. In fact this amount which is in the nature of profits and gains, was not immediately required by the assessee for lending money to its members, as there were no takers. Therefore they had deposited the money in a ....... + More



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