https://www.taxtmi.com/caselaws?id=332817 The Court ruled that interest paid to members of a Co-operative Bank above Rs. 10,000 is taxable, based on a Government circular and a Division Bench judgment. It clarified that the exemption from tax deduction on interest payments to members by a co-operative society does not apply to co-operative banks post an amendment effective from June 1, 2015. The Court also addressed the deductibility of gratuity payable to employees, emphasizing the conditions for claiming deductions under relevant sections of the Income Tax Act. Additionally, it explained the treatment of income from non-performing assets, aligning with the decision in a related case involving Canfin Homes Ltd. The appeal was disposed of in line with decisions from connected appeals to ensure consistency in tax law application. en-us Tue, 16 Aug 2016 00:00:00 +0530 Tue, 27 Sep 2016 12:01:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332817 The Court ruled that interest paid to members of a Co-operative Bank above Rs. 10,000 is taxable, based on a Government circular and a Division Bench judgment. It clarified that the exemption from tax deduction on interest payments to members by a co-operative society does not apply to co-operative banks post an amendment effective from June 1, 2015. The Court also addressed the deductibility of gratuity payable to employees, emphasizing the conditions for claiming deductions under relevant sections of the Income Tax Act. Additionally, it explained the treatment of income from non-performing assets, aligning with the decision in a related case involving Canfin Homes Ltd. The appeal was disposed of in line with decisions from connected appeals to ensure consistency in tax law application. Case-Laws Income Tax Tue, 16 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332817