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Cash deposits received by a cooperative credit society from...
Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting evidence.
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Cash deposits received by a cooperative credit society from members require verification through members' ledgers, day books, audit reports and other evidence establishing identity, genuineness and creditworthiness; the unexplained-money additions were remanded for fresh assessment. Interest paid or payable exclusively to members is exempt from tax deduction at source, but the claimed payments required verification to exclude payments to outsiders, so the related disallowance was remanded. A deduction for providing credit facilities to members also required verification of the claimed belated return and relevant records; the applicable substituted provision was not in force for the relevant year. All legal issues remained open for de novo adjudication.
Cash deposits received by a cooperative credit society from members require verification through members' ledgers, day books, audit reports and other evidence establishing identity, genuineness and creditworthiness; the unexplained-money additions were remanded for fresh assessment. Interest paid or payable exclusively to members is exempt from tax deduction at source, but the claimed payments required verification to exclude payments to outsiders, so the related disallowance was remanded. A deduction for providing credit facilities to members also required verification of the claimed belated return and relevant records; the applicable substituted provision was not in force for the relevant year. All legal issues remained open for de novo adjudication.
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