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2014 (10) TMI 860 - AT - Income TaxTDS u/s 194A - tds liability on interest on time deposits by a co-operative bank clause (viia) - Held that:- Interest paid on time deposits by a co-operative society, other than a co-operative society or bank referred to in sub-clause (a), engaged in carrying on the business of banking will be covered by sub-section (1), and therefore, will be liable to deduct income-tax. The appellant does not have a case before us that the 4th petitioner, the first respondent herein, does not come within any of the types of co-operative societies made mention of in sub-clause (a) of clause (viia) of sub-section (3) of section 194A of the Act. Therefore, irrespective of Whether it is a time deposit or any other type of deposit, the 4th petitioner, first respondent will not be liable to deduct income-tax, as such society is under sub-section (3) taken out of the purview of section 194A(1) of the Act. Liability of tds on Co-operative Society carrying on a business of banking u/s. 194A - Held that:- In terms clause (v) which is general in nature will not apply to the co-op bank. The provisions of Section 194A (1)(viia) is clearly applicable and therefore the "assessee" has to deduct T.D.S. on income credited or paid in respect of deposits except which falls under that provisions
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