20 February 2008
a urban cooperative bank has invested funds as fixed deposit in other cooperative bank with a condition that after the maturity the interest will be added to the principal & reinvested . what will be the treatment of accrual interest for the financial year 2006-07? can this interest be claimed as deduction from the profit of the urban coperative bank as income derived by the coperative society from its investment in any other coperative society?
CAclubindia
