https://www.taxtmi.com/caselaws?id=357966 The Tribunal partly allowed the appeals filed by the assessee. It upheld the decision that interest income from fixed deposits with Indian Bank was taxable due to the lack of mutuality principles applying to a non-member bank. However, the Tribunal ruled in favor of the assessee regarding the granting of depreciation on properties owned by the society, directing the AO to allow the claimed depreciation benefit as the properties were used for the society's activities. en-us Mon, 08 Jan 2018 00:00:00 +0530 Tue, 03 Apr 2018 08:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357966 The Tribunal partly allowed the appeals filed by the assessee. It upheld the decision that interest income from fixed deposits with Indian Bank was taxable due to the lack of mutuality principles applying to a non-member bank. However, the Tribunal ruled in favor of the assessee regarding the granting of depreciation on properties owned by the society, directing the AO to allow the claimed depreciation benefit as the properties were used for the society's activities. Case-Laws Income Tax Mon, 08 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357966