https://www.taxtmi.com/caselaws?id=272503 The High Court of Karnataka ruled that a Co-operative Bank was not required to deduct tax on interest payments to its members on time deposits before 1st July 2015. The Ministry of Finance clarified that Co-operative Banks were exempt from tax deduction on such payments until 1st June 2015. Following the amendment, the bank was obligated to deduct tax on interest payments made after that date. The Court dismissed the Revenue's appeal, finding it lacked merit, and no costs were awarded. en-us Wed, 16 Dec 2015 00:00:00 +0530 Tue, 18 Apr 2023 14:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272503 The High Court of Karnataka ruled that a Co-operative Bank was not required to deduct tax on interest payments to its members on time deposits before 1st July 2015. The Ministry of Finance clarified that Co-operative Banks were exempt from tax deduction on such payments until 1st June 2015. Following the amendment, the bank was obligated to deduct tax on interest payments made after that date. The Court dismissed the Revenue's appeal, finding it lacked merit, and no costs were awarded. Case-Laws Income Tax Wed, 16 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272503