Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Deduction Under Section 80P Upheld for Regional Rural Bank: ITAT Confirms Co-operative Society...
BankingIncome Tax
The ITAT has upheld a Section 80P deduction for a regional rural bank, confirming its status as a cooperative society under the RRB Act. The tribunal's decision clarifies a long-standing legal ambiguity, confirming that even though a regional rural bank is a public entity, it can be treated as a cooperative society for the purpose of availing tax deductions. The ruling provides significant relief to such banks, ensuring their tax benefits are protected.
