WHETHER THE CO-OPERATIVE SOCIETY IS ENTITLED FOR DEDUCTION FOR THE INTEREST RECEIVED FROM CO-OPERATIVE BANK?

WHETHER THE CO-OPERATIVE SOCIETY IS ENTITLED FOR DEDUCTION FOR THE INTEREST RECEIVED FROM CO-OPERATIVE BANK? https://www.taxtmi.com/article/detailed?id=12065 Where a co-operative society receives interest from a co-operative bank that is registered under the co-operative societies law, that interest qualifies as investment income from another co-operative society and is deductible under the provision permitting deduction of interest or dividends derived by a co-operative society from investments with any other co-operative society; departmental arguments that a co-operative bank loses co-operative society status by serving the public do not alter the statutory definition or the availability of the deduction when the bank remains so registered. en-us Fri, 24 Nov 2023 09:57:18 +0530 Fri, 24 Nov 2023 09:57:18 +0530 TaxTMI RSS Generator WHETHER THE CO-OPERATIVE SOCIETY IS ENTITLED FOR DEDUCTION FOR THE INTEREST RECEIVED FROM CO-OPERATIVE BANK? https://www.taxtmi.com/article/detailed?id=12065 Where a co-operative society receives interest from a co-operative bank that is registered under the co-operative societies law, that interest qualifies as investment income from another co-operative society and is deductible under the provision permitting deduction of interest or dividends derived by a co-operative society from investments with any other co-operative society; departmental arguments that a co-operative bank loses co-operative society status by serving the public do not alter the statutory definition or the availability of the deduction when the bank remains so registered. Articles Income Tax Fri, 24 Nov 2023 09:57:18 +0530 https://www.taxtmi.com/article/detailed?id=12065