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2015 (7) TMI 760 - AT - Income TaxT.D.S. liability u/s 194A on interest due on Time Deposit received - assessee is a cooperative society - Held that:- ACIT vs Visakhapatnam Cooperative Bank Ltd. (2011 (8) TMI 319 - ITAT VISAKHAPATNAM) has held that the assessee was not obliged to deduct TDS on the interest paid on time deposits u/s 194A of the Act. Neither sec. 2(19) nor sec. 194A(3) makes any discrimination between the cooperative societies carrying on banking business and other cooperative societies. However, as per sec. 194A(3), the said exemption is available only to the interest payments made to its members or to any other cooperative society. In the instant case, it is the claim of the assessee that all the interest payments have been made only to its members. In that case, the assessee is squarely covered by the exemption provided u/s 194A(3)(v) of the Act - Decided in favour of assessee.
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