https://www.taxtmi.com/caselaws?id=439814 The court dismissed the writ petitions challenging circulars issued by District Central Cooperative Banks regarding the application of Section 194N of the Income Tax Act, 1961. The petitioners, primary agricultural credit cooperative societies, argued for exemption under Section 194N, contending that the funds withdrawn were not their income but for farmers. The court held that petitioners could seek exemption through statutory mechanisms and dismissed the petitions on grounds of maintainability and compliance with Section 194N being mandatory. The court directed petitioners to approach the appropriate authority for any exemption under the Act. en-us Mon, 26 Jun 2023 00:00:00 +0530 Mon, 03 Jul 2023 20:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439814 The court dismissed the writ petitions challenging circulars issued by District Central Cooperative Banks regarding the application of Section 194N of the Income Tax Act, 1961. The petitioners, primary agricultural credit cooperative societies, argued for exemption under Section 194N, contending that the funds withdrawn were not their income but for farmers. The court held that petitioners could seek exemption through statutory mechanisms and dismissed the petitions on grounds of maintainability and compliance with Section 194N being mandatory. The court directed petitioners to approach the appropriate authority for any exemption under the Act. Case-Laws Income Tax Mon, 26 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439814