https://www.taxtmi.com/caselaws?id=472205 Regional Rural Banks are deemed to be co-operative societies for income-tax purposes under the Regional Rural Banks Act, with its overriding provision supporting consideration of deduction for banking income despite the exclusion applicable to certain co-operative banks. Eligibility for the deduction depends on verification of the bank's factual position, including its prior tax treatment and supporting financial material. Interest payable for default in deducting tax at source is tax-related in character rather than an allowable business expense and is therefore not deductible. en-us Thu, 28 Nov 2024 00:00:00 +0530 Sat, 03 Oct 2026 21:08:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472205 Regional Rural Banks are deemed to be co-operative societies for income-tax purposes under the Regional Rural Banks Act, with its overriding provision supporting consideration of deduction for banking income despite the exclusion applicable to certain co-operative banks. Eligibility for the deduction depends on verification of the bank's factual position, including its prior tax treatment and supporting financial material. Interest payable for default in deducting tax at source is tax-related in character rather than an allowable business expense and is therefore not deductible. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472205