https://www.taxtmi.com/caselaws?id=425493 In the pre-2015 TDS regime, the analysis treats a co-operative society carrying on banking business and a co-operative bank as not materially different for section 194A purposes. The Finance Act, 2015 amendment to section 194A was introduced to resolve the controversy and was stated to operate from 1 June 2015, so it is not applied retrospectively in the absence of express language or necessary implication. On that basis, tax deduction was not required for the earlier assessment year and disallowance under section 40(a)(ia) was not sustainable. en-us Wed, 06 Jul 2022 00:00:00 +0530 Fri, 22 Jul 2022 14:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425493 In the pre-2015 TDS regime, the analysis treats a co-operative society carrying on banking business and a co-operative bank as not materially different for section 194A purposes. The Finance Act, 2015 amendment to section 194A was introduced to resolve the controversy and was stated to operate from 1 June 2015, so it is not applied retrospectively in the absence of express language or necessary implication. On that basis, tax deduction was not required for the earlier assessment year and disallowance under section 40(a)(ia) was not sustainable. Case-Laws Income Tax Wed, 06 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425493