Wednesday, 22 October 2014

Grant given to safeguard the interests of depositors, though used for meeting SLR requirements of RBI relatable to its banking activity, is still capital in nature

The Nanded District Central Co-op. Bank Ltd vs. DCIT (ITAT Pune)




The objective of the Government of Maharashtra to give grant to the assessee was to protect the interests of farmers and depositors from the Nanded district and for the said purpose the Government deemed it fit to provide financial assistance to the assessee-bank to enable it to regularize its functioning. Pertinently, the functioning of the […]

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Section 54F Survives Family Connection: ITAT Backs Genuine Intra-Family Property Transaction

  In a recent ruling, the Hon'ble Mumbai Tribunal examined the availability of deduction under Section 54F of the Income-tax Act, 1961 w...