Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Section 167B, which applies the maximum marginal rate where members' shares in an AOP or BOI are indeterminate or unknown, was held inapplicable to a society registered under the Karnataka Societies Registration Act, 1960 because the provision expressly excludes societies registered under the Societies Registration Act, 1860 or a corresponding law. The Tribunal therefore held that the apartment owners' welfare society was taxable at the normal applicable slab rates, not at the maximum marginal rate, with support from a coordinate bench decision and the Revenue's earlier acceptance of normal taxation.
Section 167B, which applies the maximum marginal rate where members' shares in an AOP or BOI are indeterminate or unknown, was held inapplicable to a society registered under the Karnataka Societies Registration Act, 1960 because the provision expressly excludes societies registered under the Societies Registration Act, 1860 or a corresponding law. The Tribunal therefore held that the apartment owners' welfare society was taxable at the normal applicable slab rates, not at the maximum marginal rate, with support from a coordinate bench decision and the Revenue's earlier acceptance of normal taxation.
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