COMMISSIONER OF INCOME-TAX, LUCKNOW versus BAZPUR CO-OPERATIVE SUGAR FACTORY LTD.
The expenditures collected by the members of the Cooperative Society will be used to convert the partially paid shares into interest payments into a fully paid up share of the interest-bearing capital interest-loss equity and capital redemption reserve fund. After the loan taken by the society from the IFC was paid to the members, the money deposited by the members was not loaned to the society or the interest paid to the non-loaned members as expenditure as per the Indian Income Act, 1961 Section 36 (1) (iii),
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