Case Law Details
Case Name : Gujarat Urban Co-operative Bank Federation Vs Union of India (Gujarat High Court)
Related Assessment Year :
Courts :
All High Courts Gujarat High Court
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HIGH COURT OF GUJARAT
Gujarat Urban Co-operative Bank Federation
v/s.
Union of India
Special Civil Application Nos. 11209 of 2002 & 1465 of 2003
June 12, 2012
JUDGMENT
Akil Kureshi, J.
These petitions have been filed by Cooperative Banks having their operations in the State of Gujarat challenging the validity of circular dated 11.9.2002 issued by the Central Board of Direct Taxes in purported exercise of powers under section 119 of the Income Tax Act,1961 (‘the Act’ for short).
2. Facts may be noticed as emerging from Special Civil Application No.11209 of 2002,...
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copy of apex court decision please
Cooperative banks allow a slightly higher rate of interest on deposits for the public/their shareholders,than they offer to others. As there would be no TDS from the interest amount paid on deposits made in such banks by members, it would be beneficial to those citizens who dont have taxable income, to become members of the bank by purchasing some shares, and then to place deposits with cooperative banks, as there would be no need to submit forms 15G or 15H (as applicable) every year. Of course, one should ensure that the cooperative bank chosen for placing deposits is a sound one – there have been many cases where cooperative banks have failed, thus jeopardising the depositors interests.