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Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Deduction u/s 80P - The RBI cancelled the license w.e.f. ...


RBI License Revoked: Assessee Loses Eligibility for Section 80P Deduction Due to Non-Qualification as Cooperative Society or Bank.

November 7, 2013

Case Laws     Income Tax     AT

Deduction u/s 80P - The RBI cancelled the license w.e.f. 30.10.2003. Thus, the assessee is neither a State Cooperative Society nor it is a Bank under the Banking Regulation Act, 1949 - deduction u/s 80P not available to assessee - AT

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