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Income Tax - Highlights / Catch Notes

Home Highlights February 2018 Year 2018 This

AO was not competent and did not possess the jurisdiction to ...

Income Tax

February 14, 2018

AO was not competent and did not possess the jurisdiction to resolve / decide the issue as to whether the assessee was a 'Primary Agricultural Credit Society' or a 'Co-operative bank', within the meaning assigned to it under the provisions of the Banking Regulation Act and to take a contrary view especially in view of the Explanation provided after the clause (ccvi) of section 5 r.w.s Section 56 of the Banking Regulation Act. - AT

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