Case Law Details
Case Name : Tirumala Tirupati Devasthanams Employees Co Op. Credit Society Vs ITO (ITAT Hyderabad)
Related Assessment Year : 2016-2017
Courts :
All ITAT ITAT Hyderabad
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Tirumala Tirupati Devasthanams Employees Co Op. Credit Society Vs ITO (ITAT Hyderabad)
In the case on hand, undisputedly, the interest arose on the credit balances with reference to the regular course of business of the assessee. On this aspect, the Hon’ble jurisdiction High Court in Vavveru Co-operative Rural Bank Ltd. (supra), held that, if the original source of the investments made by the petitioners in nationalized banks is admittedly the income that the petitioners derived from the activities listed in sub-clauses (i) to (vii) of clause (a), then the character of such income may not be...
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Sir,
Intrest Earned From The Bank Shall Be Totaly Exempted Under IT Act -1961.As An Individual Is Keeping Or Landing His Or Her Money As An Asset For The Nation Building Since The Money Is Utilised By The Govt.As Long As It is In The Bank Hand.
Jai Hind !