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2015 (1) TMI 1405 - AT - Income TaxTDS u/s 194A - assessee is a co-operative bank and engaged in the business of banking - no TDS had been made for the interest payments on term deposits to members which were liable for TDS @ 10% as per provisions of section 194A(3)(i)(b) - Held that:- We find that in the case of Saraswat Co-operative Bank [2014 (10) TMI 860 - ITAT PANAJI] for the assessment years 2010-11 to 2013-14 vide order dated 01/10/2014, wherein we find that the assessee is required to deduct a tax at source in respect of time deposits in excess of ₹ 10,000/- interest payment to members of the assessee bank. We have already held that the co-operative bank and co-operative society both are different and independent. The co-operative bank was registered under the Banking Regulations Act 1949. The co-operative society was registered under the Karnataka Co-operative Societies Act 1959. Therefore, we are of the view that TDS is required to be made on time deposit on interest payment after 01-07-1995. 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. We therefore, dismiss the appeal of the assessee.
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