Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)8ITD354(Ahd.)
..... such members shall not be eligible for the purpose of voting, election an nomination as provided under these by-laws; the funds of the bank may be raised by (a) shares, (b) debentures, (c) government loans and deposits, (d) borrowing from state bank of saurashtra or state bank of india or any other bank or agricultural refinance and development corporation or any other financial institution under government guarantee, (e) non-government deposits, (f) other borrowings, (g) fees, and (h) donations. ..... shri shah then referred to the decision of the aac and in particular the observations made by the aac in the said order stating that in the case of madras land mortgage bank and action under section 263 of the act, which was proposed by the commissioner to tax the income from investment was later on dropped and the matter was not pursued. ..... , in the subsequent year, the ito on the basis of the letter received from regional provident fund commissioner, gujarat state, has held that 'the assessee holds provident fund interest and the committee which manages the provident fund is the trustee. .....
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