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Circular cannot override Supreme Court/High Court Judgment
Case Law Details
- Case Name
- Kuthannur Service Co-Operative Bank Limited Vs. ITO (Kerala High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Kerala High Court
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Kuthannur Service Co-Operative Bank Limited Vs. ITO (Kerala High Court)
The grievance of the appellants is that, though the orders passed by the Tribunal are in their favour, the Tribunal has not considered the effect of Circular No. 133/6 of 2007 dated 09.05.2007 issued by the Central Board of Direct Taxes. In this circular, it was clarified by the department that, for the purpose of Section 80P(4) of the Act, a co-operative bank shall have the meaning assigned to it in Part V of the Banking Regulation Act, 1949. In other words, the contention of the appellants is that, in view of the aforesa...
