Deemed cooperative society status enables Regional Rural Banks to claim deductions available to co-operative societies under the Income-tax Act. Regional Rural Banks are deemed to be Co-operative Societies for purposes of the Income-tax Act under the Regional Rural Banks Act, 1976; therefore deductions available to co-operative societies under the Income-tax Act, including the provision for deductions applicable to cooperatives, must be allowed when assessing the income of Regional Rural Banks.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deemed cooperative society status enables Regional Rural Banks to claim deductions available to co-operative societies under the Income-tax Act.
Regional Rural Banks are deemed to be Co-operative Societies for purposes of the Income-tax Act under the Regional Rural Banks Act, 1976; therefore deductions available to co-operative societies under the Income-tax Act, including the provision for deductions applicable to cooperatives, must be allowed when assessing the income of Regional Rural Banks.
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