Co-operative Society shall Liable to Furnish AIR only after Amendment u/r 114 E of Income Tax Rules: ITAT deletes Penalty [Read Order]

Co-operative Society-Annual Information Report -Income Tax Rules-penalty-ITAT-Income-Tax-Rules-amendment-taxscan

The Bangalore bench of Income Tax Appellate Tribunal (ITAT) has recently held that co-operative societies should be liable to furnish Annual Information Report (AIR) only after amendment under Rule 114E of the Income Tax Rule. Thus the bench deletes the penalty. Assessee Suco Souharda Sahakari Bank Ltd is a society registered under the Karnataka Souhardha…

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