https://www.taxtmi.com/caselaws?id=430163 The Tribunal partially allowed the appeal for statistical purposes, remitting the matter to the Assessing Officer to determine if nominal members qualify as "members" under the Act and bylaws, citing the Supreme Court's decision in Mavilayi Service Co-operative Bank Ltd. vs. CIT. The Tribunal directed a reevaluation of the taxability of interest from deposits with banks as income from other sources, emphasizing the need for fresh adjudication in accordance with the law. The decision underscored the significance of statutory provisions and bylaws in assessing membership status and income attribution. en-us Thu, 10 Nov 2022 00:00:00 +0530 Fri, 11 Nov 2022 13:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430163 The Tribunal partially allowed the appeal for statistical purposes, remitting the matter to the Assessing Officer to determine if nominal members qualify as "members" under the Act and bylaws, citing the Supreme Court's decision in Mavilayi Service Co-operative Bank Ltd. vs. CIT. The Tribunal directed a reevaluation of the taxability of interest from deposits with banks as income from other sources, emphasizing the need for fresh adjudication in accordance with the law. The decision underscored the significance of statutory provisions and bylaws in assessing membership status and income attribution. Case-Laws Income Tax Thu, 10 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430163