Income Tax : 1. Interest earned from investment in Co-operative & other banks: It is known fact that socities are earning interest income from ...
Income Tax : 1. As per the order/ notification dated 09.08.2001, issued by the Government of Maharashtra, Department of Co-operative, specifyin...
Corporate Law : Merely because law does not permit demand of revaluation by candidates, it does not provide invincibility to the Council. Courts...
Income Tax : The Hon.Supreme Court in the case of Assam Co-operative Apex Marketing Society Ltd. v. CIT [1993] 201 ITR 338 wherein the Society...
Income Tax : In In terms of sub-section (2) of Section 22 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), the pri...
1. Interest earned from investment in Co-operative & other banks: It is known fact that socities are earning interest income from investments such as F.D., etc. with co-operative & other banks. In the computation of total income, the assessee wrongly claim the said interest income as deduction u/s. 80P(2)(d) of the Income tax Act, 1961.
1. As per the order/ notification dated 09.08.2001, issued by the Government of Maharashtra, Department of Co-operative, specifying new premium rates to be paid while transferring flats/units in Co-operative Housing Societies. The new rates have been fixed in the general body meeting and the rates should not exceed the rates specified by the State of Government of Maharashtra.
Merely because law does not permit demand of revaluation by candidates, it does not provide invincibility to the Council. Courts are not helpless in such matters and on being satisfied that injustice is being done, a time may come when Courts would be compelled to lift the veil of protection and direct the authorities in charge of examinations for revaluation.
The Hon.Supreme Court in the case of Assam Co-operative Apex Marketing Society Ltd. v. CIT [1993] 201 ITR 338 wherein the Society engaged in marketing of agricultural produce of its members also had other co-operative societies as its members. Since the agricultural produce marketed by the Society was not produced by the primary marketing Societies, being its members, the assessee society was not held entitled to exemption under section 81(1)(c) [now section 80P(2)(a)(iii )].
In In terms of sub-section (2) of Section 22 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), the primary (urban) cooperative banks existing in the country as on March 1, 1966, (when some banking laws were applied to UCBs), were required to apply to the Reserve Bank of India. They were given three months to obtain a licence to carry on banking business. Similarly, a primary credit society which becomes a primary (urban) cooperative bank by virtue of its share capital and reserves reaching Rs. one lakh (Rs.1,00,000) and above was to apply to the Reserve Bank of India for a licence within three months from the date on which its share capital and reserves reach Rs. one lakh. The existing unlicensed primary (urban) cooperative banks can carry on banking business till they are refused a licence by the Reserve Bank of India.(SOURCE : Brochure explaining RBI role and functions in brief under the title Urban Bank Department of RBI)
