Wednesday 6 January 2016

Only RBI can decide whether a co-operating society is a bank for sec. 80P relief

IT : In event of dispute as to primary object or principal business of co-operative society referred to in clauses (cciv), (ccv) and (ccvi) of section 56 of Banking Regulation Act, determination thereof by RBI shall be final before revenue authorities can term said society as a co-operative bank for purpose of section 80P

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