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2018 (7) TMI 292 - AT - Income TaxTDS u/s 194A - interest on deposits paid in excess of ₹ 10,000/- to its members - assessee is a cooperative society registered as a cooperative bank and is also registered under the Karnataka Cooperative Societies Act, 1959 - Held that:- Payments made by way of interest by the assessee society to its members would attracts the deduction of tax or not. As from language used in the provisions more particularly 194A(3)(v), then it is clear that the case of assessee shall squarely fall within this provision, being specific provision, irrespective whether ₹ 10,000/- or more is paid by the assessee to its member or not and therefore in the considered opinion of the bench the other provision relied upon by the Ld. DR i.e., 194A(3)(i)(b) shall not be applicable being general in nature. It is settled proposition of law that the specific provision {i.e 194A(3)(v)} , shall override the general provision, { i.e 194A(3)(i) (b)} in case of over lapping or conflict , hence the section 194A(3)(v)} is applicable to the facts of the present case . Therefore the contention of ld DR is not correct. This case is also covered in favour of assessee by case of Vasavamba Cooperative Bank Ltd (2018 (7) TMI 229 - ITAT BANGALORE) - Decided in favour of assessee.
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