9911796707
TMI Blog2017 (3) TMI 741X X X X Extracts X X X X X X X X Extracts X X X X ..... ORAL JUDGMENT :(Per ANOOP V. MOHTA, J.) Called out from final hearing Board. Heard finally by consent of the parties. Both the Counsel appearing for the respective parties have submitted that all the above tax appeals can be disposed off by a common order as common issues are involved. Therefore this common judgment. The Ministry of Finance, Government of India through Explanatory Notes to the P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in respect of deposit of described limit, except which falls under the provisions. The appeals therefore of the respective assessee/appellant were dismissed by the tribunal by the separate orders. Therefore the tax appeals. 3. This High Court on 9/04/2015 admitted the appeals on the following substantial questions of law: (I) Whether on the facts and in the circumstances of the case and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of interest on time deposits by the co-operative banks to its members. As this amendment is effective from the prospective date of 1st June, 2015, the co-operative bank shall be required to deduct tax from the payment of interest on time deposits of its members, on or after the 1st June, 2015. Hence, a cooperative bank was not required to deduct tax from the payment of interest on time deposits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned 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 submiss ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
