Interest in FD in Bank By A Club / Mutual Concern Not Tax Free !

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Whether the interest earned on a fund deposited by club or any mutual organization in bank or any third party can be claimed, as tax free on the basis of principles of mutuality is one of the most common disputed issues before Courts. The decision, as shown by various Supreme Court, finally depends on the test whether the interest earning by the mutual concern satisfy the three principles of mutuality. (Please read it first )

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