Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
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 
