https://www.taxtmi.com/caselaws?id=199274 A co-operative society does not lose its character merely because it carries on banking business, so the State retains competence to regulate its co-operative aspects under the Gujarat Co-operative Societies Act, 1962. Harmonious construction of the constitutional entries leaves banking in its pure form within the Union field, but does not by itself displace State control over the internal affairs and regulatory supervision of co-operative societies, including co-operative banks. Section 71 therefore remained valid and applicable, and proceedings initiated under that provision were held legally sustainable. The Court did not examine the factual propriety of the investment decisions or show-cause process, leaving those matters to be dealt with according to law. en-us Thu, 16 Apr 1998 00:00:00 +0530 Sat, 24 Feb 2018 11:17:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199274 A co-operative society does not lose its character merely because it carries on banking business, so the State retains competence to regulate its co-operative aspects under the Gujarat Co-operative Societies Act, 1962. Harmonious construction of the constitutional entries leaves banking in its pure form within the Union field, but does not by itself displace State control over the internal affairs and regulatory supervision of co-operative societies, including co-operative banks. Section 71 therefore remained valid and applicable, and proceedings initiated under that provision were held legally sustainable. The Court did not examine the factual propriety of the investment decisions or show-cause process, leaving those matters to be dealt with according to law. Case-Laws Indian Laws Thu, 16 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199274