Departmental appeal limitation after call-book recall preserves original filing, while documented correlation supports SAD refund on imported granules...
Income-tax prosecution fails when appellate remand removes its factual foundation; directors require company arraignment for vicarious criminal liabil...
Capital character of assignment consideration prevents taxation as residuary income, while unsupported interest-related expenditure remains non-deduct...
Make-available condition shields regional support-service receipts from Indian taxation where no independent capability or permanent establishment exi...
RBI's power to supersede the board of a multi-State co-operative...
RBI supersession powers over multi-State co-operative banks operate independently of the constitutional six-month ceiling and permit statutory extensions.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
RBI's power to supersede the board of a multi-State co-operative bank under the Banking Regulation Act operates independently of the six-month ceiling in Article 243ZL(1) of the Constitution. The constitutional provision substantively applies the Banking Regulation Act to co-operative societies conducting banking business, while the exclusion of multi-State co-operative societies from the fourth proviso supports this position. Supersession may be extended beyond the former board's tenure, subject to the aggregate statutory limit of five years; the Administrator must arrange election of new directors before the specified supersession period expires. Consultation is not required because that proviso applies only to banks registered with a State Registrar of Co-operative Societies.
RBI's power to supersede the board of a multi-State co-operative bank under the Banking Regulation Act operates independently of the six-month ceiling in Article 243ZL(1) of the Constitution. The constitutional provision substantively applies the Banking Regulation Act to co-operative societies conducting banking business, while the exclusion of multi-State co-operative societies from the fourth proviso supports this position. Supersession may be extended beyond the former board's tenure, subject to the aggregate statutory limit of five years; the Administrator must arrange election of new directors before the specified supersession period expires. Consultation is not required because that proviso applies only to banks registered with a State Registrar of Co-operative Societies.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
Join Channel 
