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2017 (9) TMI 1695 - AT - Income TaxTDS u/s 194A on the amount of interest paid on term deposits - Whether the provisions of section 194A(3)(v) apply to cooperative society involved in the business of banking? - Held that:- We find that this issue is squarely covered by the decision in the case of Almora Urban Cooperative Bank Ltd. vs. ITO(TDS), Kashipur [2015 (8) TMI 13 - ITAT DELHI] wherein it was held that the provisions of section give blanket exemption to the interest paid by any cooperative society to its members and that neither section 2(19) nor section 194A(3)(v) claims any discrimination between the cooperative societies carrying on banking business and other cooperative societies. CIT(A) has rightly followed the aforesaid decision and deleted the demand in dispute, which does not need any interference on our part, hence, we uphold the same and reject the ground no. 1 raised by the Revenue. Short deduction of TDS and interest thereon - Form No. 15G/15H were not submitted to the CIT(TDS), Chandigarh on or before 7th day of the week - Held that:- Assessee had received Form 15G/15H from all the persons to whom the interest was paid and the assessee had also sent these Forms to the Income Tax Department. Not sending these Forms Specifically to CIT, TDS is a mere technical breach. CIT(A) has rightly held that assessee was not required to deduct TDS on interest so paid, hence, the demand raised by the AO was accordingly deleted, which does not need any interference on our part, therefore, we uphold the order of the Ld. CIT(A) on the issue in dispute and reject the ground no. 2 raised by the Revenue.
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