Interest-tax exemption for state cooperative banks on qualifying interest receipts contingent on rebate qualification under scheme. The Central Government, exercising power under section 28 of the Interest-tax Act, exempts State co-operative banks (as defined in the Reserve Bank of India Act) from interest-tax on income from interest on borrowings of central co-operative banks that qualify for rebate under the scheme, making the exemption contingent on rebate qualification and limited to the period and categories specified in the notification.
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.
Interest-tax exemption for state cooperative banks on qualifying interest receipts contingent on rebate qualification under scheme.
The Central Government, exercising power under section 28 of the Interest-tax Act, exempts State co-operative banks (as defined in the Reserve Bank of India Act) from interest-tax on income from interest on borrowings of central co-operative banks that qualify for rebate under the scheme, making the exemption contingent on rebate qualification and limited to the period and categories specified in the notification.
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