High Court of Karnataka Dismisses Revenue's Appeals in Co-operative Bank Tax Case — Interest Income from Non-Members Taxable Under 'Profits and Gains of Business or Profession'. Section 80P(4) of Income Tax Act, 1961 Excludes Co-operative Banks from Deduction Under Section 80P(2)(a)(i) for Interest Income from Non-Members.
22 Jun 2016The case involves multiple appeals filed by the Revenue (Commissioner of Income Tax and other officers) under Section 260A of the Income Tax Act, 1961...
