2003 (1) TMI 704

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....is directed against a common order passed by the Tribunal, New Delhi in ITA Nos. 8575/Del/1992, 1063/Del/1994, 1064/Del/1994, in respect of asst. yrs. 1989-90, 1990-91 & 1991-92. The following questions have been proposed in the appeal memo, stated to be substantial questions of law : "A. Whether Tribunal was correct in excluding the interest income on deposits made out of contributions f....

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....me derived by the respondent/assessed on the contributions made by the members of the welfare society is to be taxed in the hands of the society or not. Since in our view, the issue raised by the Revenue is legal and is no more res integra, we deem it unnecessary to state the facts. Suffice it to note that while completing assessment on the respondent assessed, a co-operative society comprising of....

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....ce the identity of the contributor to the fund of the recipients of the funds; the treatment of the company, though incorporated as a mere entity for the convenience of the members, in other words as an instrument obtained to their mandate; and the impossibility that the contributors should derive profits from contributions made by themselves to a fund which could only be expended or returned to t....