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2015 (1) TMI 1406 - ITAT PANAJITDS u/s 194A - addition u/s 40(a)(ia) - assessee has paid interest on term deposit in excess of ₹ 10,000/- without making TDS - assessee contended that the provisions of TDS are not attracted in view of sub section(3)(v) of section 194A as interest payment to that extent has been made to members of bank - Held that:- The issue is now controversy that the assessee has paid interest on term deposits to the members/depositors without deducting the TDS u/s 194A of the Act. We find that in the case of Shreee Basaveshwar Co-operative Bank [2015 (7) TMI 1287 - ITAT PANAJI] for the assessment years 2011-12 vide order dated 05-01-2015, wherein we find that the assessee is required to deduct a tax at source in respect of time deposits in excess of ₹ 10,000/- interest payment to members of the assessee bank. The co-operative bank and co-operative society both are different and independent. The co-operative bank was registered under the Banking Regulations Act 1949. The co-operative society was registered under the Karnataka Co-operative Societies Act 1959 only. Therefore, we are of the view that TDS is required to be made on time deposit on interest payment after 01-07-1995. - decided against assessee.
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