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2015 (11) TMI 1542 - AT - Income TaxTDS u/s 194A - non deduction of tds on payment of interest to its members on time deposits by bank - assessee in default - Held that:- Jurisdictional High Court in the case of CIT v. The Rajajinagar Co-operative Bank Ltd (2011 (7) TMI 666 - KARNATAKA HIGH COURT) though it was in relation to a levy of penalty u/s.271C of the Act, had held at para 10 of its judgment that by virtue of clause (v) of sub-section (3) of Section 194A of the Act, a cooperative bank was exempt from deducting tax at source on interest payable by it to its members. We are therefore, of the opinion that assesses could not have been treated as one in default u/s.201 (1) nor was it liable for of interest u/s.201(1A) of the Act. Ld. CIT (A) was justified in taking a view in favour of the assessee.
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