Case Laws / Head Notes / Paras
Cooperative society/Special deduction-Cooperative society engaged in banking business Interest earned from funds utilized for statutory reserves Income from hiring safe deposit vaults-Deductible/ Interest from utilization of voluntary reserves Deductible if funds utilized in course of ordinary banking business Indian Income Tax Act, 1961, S.80P(2)(a)(i) Indian Gujarat Cooperative Societies Act, 1961. S.67(2)/Indian Banking Regulation Act, 1949, S.6(1)(a)-[Gujarat State Cooperative Bank Ltd. v. CIT (2001) 250 ITR 229 and Mehsana District Cooperative Bank Ltd. v. ITO (2001) 251 ITR 520 reversed in part].Where the assessee, a cooperative bank, derived (i) income from utilization of its funds for statutory reserves under section 67(2) of the Gujarat Cooperative Societies Act, 1961, and (ii) in...
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