Interest on Share Capital Reduces Gross Interest, Not Part of Profit in Cooperative Society Case.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....IT - Co.operative society - the amount paid by the assessee as "interest on share capital", in the instant year, goes to reduce the gross interest collected by it from its members and it would not form part of profit at all .... - AT....