https://www.taxtmi.com/caselaws?id=268637 Interest paid by a co-operative bank on compulsory share capital subscribed by members for availing banking facilities was treated as a deductible business outgo. Because the capital was repayable on cessation of membership, the payment was characterised as a charge on business receipts rather than a distribution or appropriation of profit. On identical facts, the view of the first appellate authority and the co-ordinate bench line of authority was applied, and the Revenue's disallowance was not sustained. en-us Fri, 09 Oct 2015 00:00:00 +0530 Mon, 30 Nov 2015 12:53:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268637 Interest paid by a co-operative bank on compulsory share capital subscribed by members for availing banking facilities was treated as a deductible business outgo. Because the capital was repayable on cessation of membership, the payment was characterised as a charge on business receipts rather than a distribution or appropriation of profit. On identical facts, the view of the first appellate authority and the co-ordinate bench line of authority was applied, and the Revenue's disallowance was not sustained. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268637