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In the result appeal filed by the assessee is partly allowed for statistical purposes
Bench: Shri Inturi Rama Rao & Shri Keshav Dubey
house property incomeare not covered under the provision of section 80P(2)(a)(i) of Act as these incomesare not earned by providing credit facilities to its members. ii) The assessee society regularly invested funds not immediately required for business purposes. Interest on such investments, therefore could not fall within the meaning of the expression ‘ profits and gains of business