https://www.taxtmi.com/caselaws?id=9943 A co-operative thrift and credit society that borrows funds and advances loans to its members was treated as carrying on the business of banking for the purpose of the Interest-tax Act, 1974. The definition of "credit institution" in section 2(5A)(i) was applied to a co-operative society engaged in such banking activity during the relevant period, and the fact that it dealt only with members did not exclude it from the charging provision. The Banking Regulation Act, 1949, did not require the society to be a banking company before interest tax could apply. en-us Fri, 23 Dec 2005 00:00:00 +0530 Fri, 03 Jul 2009 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9943 A co-operative thrift and credit society that borrows funds and advances loans to its members was treated as carrying on the business of banking for the purpose of the Interest-tax Act, 1974. The definition of "credit institution" in section 2(5A)(i) was applied to a co-operative society engaged in such banking activity during the relevant period, and the fact that it dealt only with members did not exclude it from the charging provision. The Banking Regulation Act, 1949, did not require the society to be a banking company before interest tax could apply. Case-Laws Income Tax Fri, 23 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9943