Regulatory Fallout: RBI Imposes Rs. 63.5 Lakhs Penalty on Three Co-operative Banks
The Reserve Bank of India (RBI) has levied monetary penalties on three co-operative banks totaling Rs. 63.5 lakhs for regulatory compliance...
![Co-operative Banks Engaged in Banking Activity are subject to Overall Control of Reserve Bank of India: Kerala HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Co-operative-Banks-Banking-Activity-Reserve-Bank-of-India-Kerala-HC-taxscan.jpg "Co-operative Banks Engaged in Banking Activity are subject to Overall Control of Reserve Bank of India: Kerala HC [Read Order]")
![Cooperative Credit Society Eligible for Income Tax Exemption u/s 80(P)(2) of Income Tax Act: Supreme Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Cooperative-Credit-Society-Income-Tax-Exemption-Income-Tax-Act-Supreme-Court-TAXSCAN.jpg "Cooperative Credit Society Eligible for Income Tax Exemption u/s 80(P)(2) of Income Tax Act: Supreme Court [Read Order]")
Govt. notifies effective date for Amendments to Industrial Development Bank (Transfer of Understanding And Repeal) Act, 2003 [Read Notification]
The Government notified April 1, 2021 as an effective date for Amendments to Industrial Development Bank (Transfer of Understanding And Repeal) Act, 2003. In the Industrial Development Bank...
Supreme Court allows Section 80P Deduction to Co-op Credit Societies despite Loans to Nominal Members [Read Judgment]
The Supreme Court held that loans given by co-op credit societies to nominal members would qualify for the purpose of deduction under section 80P(2)(a)(i) of the Income Tax Act. The co-operative...
![Supreme Court allows Section 80P Deduction to Co-op Credit Societies despite Loans to Nominal Members [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2021/01/Supreme-Court-section-80P-deduction-co-op-credit-societies-despite-loans-nominal-members-Taxscan.jpeg "Supreme Court allows Section 80P Deduction to Co-op Credit Societies despite Loans to Nominal Members [Read Judgment]")
Telangana High Court quashes FIC’s resolution declaring former Chairman and MD, as ‘fraud’ and ‘willful defaulter’ [Read Order]
The Telangana High Court quashed the Fraud Identification Committee (FIC) resolution declaring former Chairman and Managing Director, as ‘fraud’ and ‘willful defaulter’. The petitioner, Mr. Rajesh...
![Telangana High Court quashes FIC’s resolution declaring former Chairman and MD, as ‘fraud’ and ‘willful defaulter’ [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/12/Telangana-High-Court-FIC-resolution-declaring-Managing-Director-fraud-willful-defaulter-Taxscan.jpeg "Telangana High Court quashes FIC’s resolution declaring former Chairman and MD, as ‘fraud’ and ‘willful defaulter’ [Read Order]")
Relief to Standard Chartered Bank: ITAT deletes disallowance of Expenses out of Dividend Income [Read Order]
The Income Tax Appellate Tribunal (ITAT), New Delhi Bench owing to the procedural trouble deleted disallowance of Expenses out of Dividend Income. The assessee, Standard Chartered Grindlays Bank...
![Relief to Standard Chartered Bank: ITAT deletes disallowance of Expenses out of Dividend Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/11/Standard-Chartered-Bank-ITAT-disallowance-Expenses-Dividend-Income-Taxscan.jpg "Relief to Standard Chartered Bank: ITAT deletes disallowance of Expenses out of Dividend Income [Read Order]")
