Karnataka Vikas Grameena Bank is deemed co-op society for Income Tax purposes

Karnataka Vikas Grameena Bank Vs ACIT (ITAT Bangalore) Assessee is a regional rural bank and formed with the merging of four regional banks into a single regional rural bank. As per the Regional Rural Bank Act 1976 notification dated 12/09/2005, the shareholders were Central Government, State Government and sponsored Bank. The case was reopened on the basis of two counts 1st for not complying TDS provisions and not submitting Form 15G/H to the respective offices, 2nd wrongly claimed deduction as per 36(1)(viia)(a) and deduction u/s 36(1)(viii) of the Act . As per assessment order for the asses...