Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
The ITAT held that the assessee, a co-operative bank registered under the Co-operative Societies Act and licensed by the RBI, is not obligated to deduct tax at source under section 194A(3)(v) on interest payments made to co-operative housing societies. Consequently, the assessee cannot be deemed an assessee in default under section 201 for non-deduction or short deduction of TDS on such interest payments. The tax demand raised by the AO, including interest thereon, was quashed. The decision aligns with precedent wherein similar relief was granted, confirming that interest paid by a co-operative bank to other co-operative societies is exempt from TDS deduction under the specified statutory provision. The assessee's appeal on this ground was allowed.
The ITAT held that the assessee, a co-operative bank registered under the Co-operative Societies Act and licensed by the RBI, is not obligated to deduct tax at source under section 194A(3)(v) on interest payments made to co-operative housing societies. Consequently, the assessee cannot be deemed an assessee in default under section 201 for non-deduction or short deduction of TDS on such interest payments. The tax demand raised by the AO, including interest thereon, was quashed. The decision aligns with precedent wherein similar relief was granted, confirming that interest paid by a co-operative bank to other co-operative societies is exempt from TDS deduction under the specified statutory provision. The assessee's appeal on this ground was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
