TMI Blog2017 (3) TMI 741X X X X Extracts X X X X X X X X Extracts X X X X ..... he parties it also goes to the root of the issues so raised, we are inclined 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated 27/11/2015 has clarified about the obligation of the Co-operative Bank from deduction of tax at source under Section 194A of the Income Tax Act (The Act). Reliance is also placed on a supporting judgment of Division Bench dated 16/12/2015 in ITA No.100001 of 2014 in The Bailhongal Urban Cooperative Bank Ltd. V/s. The Commissioner of Income Tax Anr. 2. Impugned orders by the Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stified in holding that the appellant was not entitled to the benefit of S.194A(3)(v) of the Income Tax Act, 1961? (II) Whether the ITAT was justified in dismissing the appellant's appeal without at all addressing the alternative contentions taken before it, despite such contentions being specifically urged before it? 4. Reference to the Explanatory Note makes the position of rele ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... members paid or credited before 1st June, 2015. (emphasis added) 5. The Division Bench in The Bailhongal Urban Cooperative Bank Ltd. (supra) based upon the Explanatory Notes in question has allowed the appeal in following terms : 3. In the light of the aforesaid circular, the view of the Tribunal holding that Co-operative bank was required to deduct tax is not sustainable. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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