Raiganj Central Co-Operative Bank Ltd. Vs DCIT (ITAT Kolkata)
ITAT Kolkata held that dividend distribution tax u/s 115-O of the Act and interest u/s 115P of the Income Tax Act is applicable only to a domestic company and since appellant is a co-operative society and provisions of section 115-O and 115-P will not be applicable.
Facts- The assessee filed its return of income declaring total income of Rs. 3,61,22,503/-. The case was selected for scrutiny. As there was no further compliance, the assessment was completed based on the discussion made in the course of the hearing, verbal & written submissions made and reply to the show cause letter issued to the assessee and the income of the assessee was accordingly assessed at Rs.4,34,96,967/- after making various dissonances.
CIT(A) partly allowed the appeal. Being aggrieved, assessee has preferred the present appeal.
Conclusion- Held that the dividend distribution tax u/s 115-O of the Act and interest u/s 115P of the Act is applicable only to a domestic company and since the assessee is not a domestic company therefore, there was no liability for levying of any dividend distribution tax u/s 115-O of the Act and consequential interest u/s 115P of the Act.
