Interest earned from Commercial /Cooperative Bank having License under Banking Regulation Act is considered under Head of Income From Other Sources: ITAT [Read Order]

The ITAT ruled on the nature of interest earned from commercial cooperative banks.
Cooperative Bank - Commercial Bank - Banking Regulation Act - TAXSCAN

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that interest earned from commercial /cooperative banks having a license under the Banking Regulation Act is considered under Head of Income From Other Sources. Kedambady Keyyur Primary Agricultural Co-operative Society Ltd, the appellant assessee challenged the order passed under section 250 of the…

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