Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Interest paid by a co-operative bank to another co-operative society, including a non-member depositor society, falls within the inter-co-operative-society exemption from tax deduction at source. The exclusion of co-operative banks from the member-payment limb does not extend to the separate limb covering payments between co-operative societies; a co-operative bank retains its character as a co-operative society. The recipient society's eligibility for deduction of its income is determined at assessment stage and does not govern the payer's independent transactional withholding obligation. Accordingly, the co-operative bank was not required to deduct tax on such interest and could not be treated as an assessee in default.
Interest paid by a co-operative bank to another co-operative society, including a non-member depositor society, falls within the inter-co-operative-society exemption from tax deduction at source. The exclusion of co-operative banks from the member-payment limb does not extend to the separate limb covering payments between co-operative societies; a co-operative bank retains its character as a co-operative society. The recipient society's eligibility for deduction of its income is determined at assessment stage and does not govern the payer's independent transactional withholding obligation. Accordingly, the co-operative bank was not required to deduct tax on such interest and could not be treated as an assessee in default.
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