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2018 (4) TMI 340 - ITAT PUNETDS u/s 194A - assessee Co-operative bank paying interest has been paid to its members and other Co-operative societies - scope of amendment w.e.f. 1.6.2015 - CBDT Circular No.9/2002, dated 11.09.2002. - Held that:- The year under appeal is assessment year 2014-15 i.e. prior to the date of introduction of amendment from 01.06.2015 and under the old provisions of section 194A(3)(v) of the Act, the assessee Co-operative bank was not obliged to deduct tax on the income of members and Co-operative societies. Applying the ratio laid down in Saraswat Co-operative Bank Ltd. Vs. (1) ITO & (2) Union of India (2017 (3) TMI 741 - BOMBAY HIGH COURT), we hold that the assessee had not defaulted in not deducting tax at source out of such payments made to its members / Co-operative societies. Thus, there was no liability to deduct tax at source and the assessee cannot be said to have violated the provisions of section 194A(1) of the Act. - Decided in favour of assessee
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