1982 (3) TMI 125

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....ee is directed against the order of the AAC dated 15-1-1981 relating to the assessment year 1974-75. The issue that has come up before us for consideration is, whether the assessee, which is a co-operative society and had invested funds in a savings bank account with another co-operative society, is entitled to deduction in respect of income by way of interest earned on such funds under section 80....

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.... to this word 'investment' used in section 80P(2)(d). This has been confirmed by the AAC. 4. We have heard the parties and we are inclined to accept the claim of the assessee for the following reasons. 5. The fact that the assessee as well as the bank with which the deposits were placed are co-operative societies is not controverted. Insofar as the meaning of the word 'investment' is concern....