Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (3) TMI 741 - HC - Income TaxEntitlement to the benefit of S.194A(3)(v) - cooperative bank requirement to deduct tax from the payment of interest on time deposits of its members paid or credited before 1st June, 2015 - Held that:- Taking overall view of the matter and according to the Counsel appearing for the parties it also goes to the root of the issues so raised, we are inclined to allow the appeals. The Explanatory Notes has made the position of law clear that such Co-operative Banks are not liable to deduct any amount from the TDS, prior to the effective date 1/06/2015. The appellant Co-operative Bank was not under obligation to deduct the amount from the TDS, for the assessment years prior to 1/06/2015 i.e. from 2010-11 to 2013-14. There is substance in the submission of the Counsel appearing for the parties.
|