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2016 (2) TMI 736 - AT - Income TaxTDS liability on cooperative society - Whether a co-operative society, carrying on banking business with the approval of the Reserve Bank of India, is liable to deduct tax U/s.194A on the interest paid to its members? - Held that:- For the relevant assessment years 2008-09 to 2011-12 the assessee would not be liable to deduct tax U/s. 194 of the Act as the none of the State or Central enactments such as the Tamil Nadu Co-operative societies Act, 1983, the Multi-State Co-operative Societies Act, 2002, the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949 and the National Bank for Agriculture and Rural development Act, 1981 do not make any distinction between a co-operative society engaged in carrying on banking business and a co-operative bank. However, from 01.06.2015 onwards the appellant cannot escape from the liability for deducting tax at source. - Decided in favour of assessee
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