Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
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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