https://www.taxtmi.com/caselaws?id=71653 The note addresses interpretation of provisions governing deduction of tax at source on interest paid by co-operative societies, holding that specific provisions relating to co-operative banks prevail over the general exemption for co-operative society members. Applying the principle that a special provision overrides a general one, the term "Co-operative Society" in the general exemption is construed to exclude co-operative banks and categories specifically covered by the newer sub-clause. Consequently, co-operative banks must deduct TDS on interest on time deposits paid to members where the interest exceeds the prescribed threshold, and demands framed as tax, interest and recovery consequences under the tax deduction regime are sustained. en-us Wed, 14 Aug 2002 00:00:00 +0530 Tue, 13 Jan 2026 15:19:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71653 The note addresses interpretation of provisions governing deduction of tax at source on interest paid by co-operative societies, holding that specific provisions relating to co-operative banks prevail over the general exemption for co-operative society members. Applying the principle that a special provision overrides a general one, the term "Co-operative Society" in the general exemption is construed to exclude co-operative banks and categories specifically covered by the newer sub-clause. Consequently, co-operative banks must deduct TDS on interest on time deposits paid to members where the interest exceeds the prescribed threshold, and demands framed as tax, interest and recovery consequences under the tax deduction regime are sustained. Case-Laws Income Tax Wed, 14 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71653