https://www.taxtmi.com/caselaws?id=262017 The Tribunal held that a cooperative bank is not eligible for exemption from TDS on interest paid on time deposits to its members under section 194A(3)(v) of the Act. Referring to a previous case and relevant provisions of the Finance Act, 2015, the Tribunal emphasized that specific provisions mandate tax deduction from interest payments by cooperative banks, overriding general exemptions for cooperative societies. Despite conflicting views on the validity of a CBDT circular, the Tribunal upheld its validity and directed the Assessing Officer to delete the additions made under relevant sections, ultimately allowing the appeals and dismissing the Stay Applications. en-us Fri, 19 Jun 2015 00:00:00 +0530 Tue, 21 Jul 2015 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262017 The Tribunal held that a cooperative bank is not eligible for exemption from TDS on interest paid on time deposits to its members under section 194A(3)(v) of the Act. Referring to a previous case and relevant provisions of the Finance Act, 2015, the Tribunal emphasized that specific provisions mandate tax deduction from interest payments by cooperative banks, overriding general exemptions for cooperative societies. Despite conflicting views on the validity of a CBDT circular, the Tribunal upheld its validity and directed the Assessing Officer to delete the additions made under relevant sections, ultimately allowing the appeals and dismissing the Stay Applications. Case-Laws Income Tax Fri, 19 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262017