SALEM COOPERATIVE CENTRAL BANK LTD. versus COMMISSIONER OF INCOME-TAX
Referring to the High Court, the jurisdiction Cooperative Society in which the banking business operates is exempt from the income tax on the business income, the interest accrued for the supply of electricity and the assessment makes it clear to the tribunal that if the business income If there was no surcharge on the business, the income question is whether the interest is a business receipt. The High Court, rejecting the Tribunal's order and directed the Tribunal to consider all these points, whether the High Court's jurisdiction. The powers include the Indian Income Tax Act, 1961, section 81 (i) and 256 of the Finance Act, 1963 Section 2, Schedule I, Part I, Para C (C)
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