https://www.taxtmi.com/caselaws?id=369204 A co-operative society carrying on banking business with RBI approval was not liable to deduct tax at source on interest paid to its members under section 194A for the relevant assessment years. The statutory exclusions in section 194A(3), read with the banking and co-operative law framework, were applied consistently with the earlier jurisdictional High Court ruling. The later amendment effective from 1 June 2015 was treated as prospective, confirming that the pre-amendment position governed the years in question. The TDS demand was therefore unsustainable and the appeals were allowed. en-us Tue, 09 Oct 2018 00:00:00 +0530 Wed, 28 Nov 2018 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369204 A co-operative society carrying on banking business with RBI approval was not liable to deduct tax at source on interest paid to its members under section 194A for the relevant assessment years. The statutory exclusions in section 194A(3), read with the banking and co-operative law framework, were applied consistently with the earlier jurisdictional High Court ruling. The later amendment effective from 1 June 2015 was treated as prospective, confirming that the pre-amendment position governed the years in question. The TDS demand was therefore unsustainable and the appeals were allowed. Case-Laws Income Tax Tue, 09 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369204