Dividend Distribution Tax U/S 115-O Not Applicable to Co-op Societies: ITAT Kolkata

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 & writte...