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2017 (9) TMI 2016 - AT - Income TaxTDS u/s 194A - Disallowance u/s 40(a)(ia) - non-deduction of tax in respect of interest paid by the assessee co-operative bank - assessee contended that the assessee being co-operative society involved in the business activity of banking is exempt from TDS on interest payment to the members of the assessee-society - HELD THAT:- As decided in in assessee's own case for the Assessment Years 2010-11 & 2011-12 [2015 (7) TMI 614 - ITAT BANGALORE] wherein as held that Assessee which is a cooperative society carrying on banking business when it pays interest income to a member both on time deposits and on deposits other than time 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. Decided in favour of assessee. Amortization of premium/depreciation provided in respect of investment in Government securities Held to Maturity (HTM) - whether allowable expenditure? - HELD THAT:- Following the decision of Sir M. Visweswaraya Co-operative Bank Ltd [2012 (9) TMI 774 - ITAT, BANGALORE] we hold and direct that the assessee's claim for amortization of premium on investments in Govt. Securities is to be allowed. Decided in favour of assessee.
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