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2016 (6) TMI 1409 - HC - Income TaxTDS u/s 194A - Co-operative Bank liability to deduct tax on the interest paid to its members - Non deduction of TDS - Whether the Tribunal is right in law in overlooking the established principle of ‘generalia specialibus non derogant’ vis-à-vis the specific provisions of Sec.194A(3)(viia)(b) and general provisions of Sec.194A(3)(v)? - HELD THAT:- We find that, the issues which arise for consideration in the present appeal are already covered by the decision of this Court in case of The Commissioner of Income Tax and others Vs. The National Co-operative Bank Limited [2016 (6) TMI 1118 - KARNATAKA HIGH COURT] we hold that the Assessee which is a co-operative society carrying on banking business when it pays interest income to a member both on time deposits and on deposits other than the deposits with such co-operative society need not deduct tax at source Under Section 194A by virtue of the exemption granted vide Clause (V) of Sub Section (3) of the said section.
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