Exemption from section 230A(1) stay: CBDT excludes specified banks from the subsection's application by notification. The Central Board of Direct Taxes notifies that subsection (1) of section 230A of the Income-tax Act shall not apply to four classes of banking institutions: banking companies under the Banking Regulation Act, the State Bank constituted under its statute, subsidiary banks as defined under the State Bank subsidiary statute, and corresponding new banks constituted under the Banking Companies acquisition and transfer framework.
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.
Exemption from section 230A(1) stay: CBDT excludes specified banks from the subsection's application by notification.
The Central Board of Direct Taxes notifies that subsection (1) of section 230A of the Income-tax Act shall not apply to four classes of banking institutions: banking companies under the Banking Regulation Act, the State Bank constituted under its statute, subsidiary banks as defined under the State Bank subsidiary statute, and corresponding new banks constituted under the Banking Companies acquisition and transfer framework.
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