https://www.taxtmi.com/caselaws?id=184383 The Tribunal ruled in favor of the assesses, branches of a cooperative bank, stating they were not liable for deducting tax at source on interest payments to members on their time deposits. The Tribunal held that cooperative societies engaged in banking business were exempt from such deductions as per Section 194A(3)(v) of the Income-tax Act, aligning with CBDT circulars. The decision was supported by judicial opinions and a High Court judgment, leading to the dismissal of Revenue's appeals and affirming the assesses' position. en-us Tue, 10 Nov 2015 00:00:00 +0530 Thu, 07 Jul 2016 11:28:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184383 The Tribunal ruled in favor of the assesses, branches of a cooperative bank, stating they were not liable for deducting tax at source on interest payments to members on their time deposits. The Tribunal held that cooperative societies engaged in banking business were exempt from such deductions as per Section 194A(3)(v) of the Income-tax Act, aligning with CBDT circulars. The decision was supported by judicial opinions and a High Court judgment, leading to the dismissal of Revenue's appeals and affirming the assesses' position. Case-Laws Income Tax Tue, 10 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184383