https://www.taxtmi.com/caselaws?id=257948 The Tribunal upheld the CIT(A)'s order, ruling that co-operative banks are not obligated to deduct tax at source on interest paid to members under Section 194A(3)(v) of the Income Tax Act, 1961. The decision was based on the interpretation that co-operative societies engaged in banking are exempt from such deductions, as clarified by judicial precedents and the CBDT Circular No. 9 of 2002. The Tribunal dismissed the Revenue's appeals and the Assessee's cross-objections, affirming the exemption for co-operative banks from deducting tax on interest payments to members. en-us Fri, 20 Mar 2015 00:00:00 +0530 Fri, 27 Mar 2015 06:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257948 The Tribunal upheld the CIT(A)'s order, ruling that co-operative banks are not obligated to deduct tax at source on interest paid to members under Section 194A(3)(v) of the Income Tax Act, 1961. The decision was based on the interpretation that co-operative societies engaged in banking are exempt from such deductions, as clarified by judicial precedents and the CBDT Circular No. 9 of 2002. The Tribunal dismissed the Revenue's appeals and the Assessee's cross-objections, affirming the exemption for co-operative banks from deducting tax on interest payments to members. Case-Laws Income Tax Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257948