https://www.taxtmi.com/caselaws?id=191246 The High Court of Karnataka ruled in favor of the Assessee, setting aside the Income Tax Appellate Tribunal's decision requiring a Co-operative bank to deduct tax on interest paid to members under Section 194A of the Income Tax Act. The Court held that Co-operative banks were not obligated to deduct tax at source under Section 194A based on a Ministry of Finance circular. Emphasizing adherence to relevant circulars and statutory provisions, the Court allowed the appeal and provided relief to the Assessee on the issue of tax deduction for interest payments to members. en-us Wed, 16 Dec 2015 00:00:00 +0530 Mon, 27 Mar 2017 07:43:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191246 The High Court of Karnataka ruled in favor of the Assessee, setting aside the Income Tax Appellate Tribunal's decision requiring a Co-operative bank to deduct tax on interest paid to members under Section 194A of the Income Tax Act. The Court held that Co-operative banks were not obligated to deduct tax at source under Section 194A based on a Ministry of Finance circular. Emphasizing adherence to relevant circulars and statutory provisions, the Court allowed the appeal and provided relief to the Assessee on the issue of tax deduction for interest payments to members. Case-Laws Income Tax Wed, 16 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191246