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<h1>Charity funds deemed non-taxable income; Interest within India allowed under IT Act. Tribunal rules for assessee.</h1> The High Court of Allahabad held that charity funds were not taxable income. Interest paid within India was allowed under the IT Act. Tribunal ruled in ... - The High Court of Allahabad held that amounts collected for charity were not taxable as income. Interest paid within India was not disallowed under section 40(a)(i) of the IT Act. The Tribunal's decisions were in favor of the assessee in both cases.
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