https://www.taxtmi.com/caselaws?id=16166 Section 194A requires deduction of tax from interest payments, but its exemption clause applies to deposits with a primary credit society. The Kerala High Court noted that the Income-tax Act contains its own definition of "co-operative society" in section 2(19), so the Banking Regulation Act definition should not be imported to narrow the exemption. Reading section 194A(3)(viia) on its plain text, and construing the exemption liberally in favour of the assessee, the Court concluded that primary credit societies are not liable to deduct tax at source on the interest in question and that the notices were unsustainable. en-us Fri, 10 Jul 1998 00:00:00 +0530 Wed, 17 Dec 2025 09:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16166 Section 194A requires deduction of tax from interest payments, but its exemption clause applies to deposits with a primary credit society. The Kerala High Court noted that the Income-tax Act contains its own definition of "co-operative society" in section 2(19), so the Banking Regulation Act definition should not be imported to narrow the exemption. Reading section 194A(3)(viia) on its plain text, and construing the exemption liberally in favour of the assessee, the Court concluded that primary credit societies are not liable to deduct tax at source on the interest in question and that the notices were unsustainable. Case-Laws Income Tax Fri, 10 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16166