TMI Blog2015 (7) TMI 760X X X X Extracts X X X X X X X X Extracts X X X X ..... is the claim of the assessee that all the interest payments have been made only to its members. In that case, the assessee is squarely covered by the exemption provided u/s 194A(3)(v) of the Act - Decided in favour of assessee. - ITA No. 5329/Del/2013 - - - Dated:- 14-11-2014 - SHRI T.S. KAPOOR AND SHRI A.T. VARKEY, JJ. For the Appellant : Sh. S.C. Agarwal, CA For the Respondent : Sh. Vivek Nangia, Sr. DR ORDER PER A.T. VARKEY, J.M. This is an appeal arising from an order of ld. CIT(A)-II, Dehradun dated 29th July, 2013 for A.Y. 2012-2013. 2. The solitary grounds raised by the assessee reads as under: The Commissioner (Appeal) has erred in facts and in law, in confirming the assessee in default for not dedu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank Ltd. reported in 47 SOT 295 (Vish) the findings would have had considerable persuasive value if the importance of the quashing of Circular 9 (supra) had been considered as a valid input in deciding whether the said payment was hit by the relevant provisions of TDS or not. Since this fact has not been discussed it is respectfully submitted that this decision deserves to be differed with since blindly following the section 194A(3)(v) would render section 194A(3)(viia) of the Act Otiose since it specifically calls for deduction of tax at source on payments regarding deposits with, among other, Cooperative Banks and the Circular attempting to clarify this matter has been quashed. Thus a combined reading of both sections 194A(3)(v) and 194 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iety registered under the Cooperative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any state for the registration of cooperative societies. It can be seen that neither sec. 2(19) nor sec. 194A(3) makes any discrimination between the cooperative societies carrying on banking business and other cooperative societies. However, as per sec. 194A(3), the said exemption is available only to the interest payments made to its members or to any other cooperative society. In the instant case, it is the claim of the assessee that all the interest payments have been made only to its members. In that case, the assessee is squarely covered by the exemption provided u/s 194A(3)(v) of the Act. Accordingly we fin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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