Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 511 - ITAT COCHINDisallowance of deduction claimed u/s 36(1)(viia) of the Act – 10% of aggregate advances by the rural branches – Held that:- The decision in Kodungallur Town Co-op Versus Assistant Commissioner of Bank Ltd.[2014 (2) TMI 137 - ITAT COCHIN] followed - The term “banking Company” also includes a “Co-operative Bank” - Thus a co-operative bank falls under the definition of “banking company” - Further as per the definition given in Explanation under sec. 36(1)(viia) of the Income tax Act, a “banking company” as defined in sec. 5(c) of the Banking Regulation Act, which is not a scheduled bank, is classified as a “non-scheduled bank” – thus, a Co-operative bank would be classified as a “non-scheduled bank” for the purpose of sec. 36(1)(viia) of the Act – Decided against Assessee.
|