https://www.taxtmi.com/caselaws?id=376544 The Tribunal ruled in favor of the co-operative bank, holding that there was no statutory obligation for the bank to deduct TDS on interest payments to its members during the relevant assessment year. Consequently, the disallowance of Rs. 1,15,21,357 under Section 40(a)(ia) was vacated. The Tribunal emphasized the prospective nature of the amendment to Section 194A and upheld the pre-amendment exemption for co-operative banks regarding TDS on interest payments to members. The appeal of the assessee was allowed, and the disallowance was deleted. en-us Thu, 28 Feb 2019 00:00:00 +0530 Tue, 12 Mar 2019 08:15:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376544 The Tribunal ruled in favor of the co-operative bank, holding that there was no statutory obligation for the bank to deduct TDS on interest payments to its members during the relevant assessment year. Consequently, the disallowance of Rs. 1,15,21,357 under Section 40(a)(ia) was vacated. The Tribunal emphasized the prospective nature of the amendment to Section 194A and upheld the pre-amendment exemption for co-operative banks regarding TDS on interest payments to members. The appeal of the assessee was allowed, and the disallowance was deleted. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376544