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2022 (9) TMI 1080 - AT - Income TaxTDS u/s 194A - Addition u/s. 40(a)(ia) - non-deduction of TDS on interest payments made to its members - HELD THAT:- We find no merit in the Revenue’s instant arguments as we are in assessment year 2010-11 whereas “a cooperative bank” has been excluded from the purview of section 194(A)(3)(v) vide Finance Act 2015 w.e.f. 01.06.2015 only. As in Saraswat co-operative Bank 2017 (3) TMI 741 - BOMBAY HIGH COURT] take note of forgoing legislation developments to hold that a co-operative bank/ assessee has no liability to deduct TDS on interest payments made to members. We thus delete the impugned section 194A r.w.s. 40 (a)(ia) disallowance of Rs.3,49,386/- in very terms therefore. The assessee’s third substantive grievance is accepted.
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