https://www.taxtmi.com/caselaws?id=444685 The ITAT Amritsar Bench ruled in favor of the assessee, a cooperative society, determining that nominal members should be considered as members under Section 194A of the Income Tax Act, 1961. Consequently, the society was not required to deduct TDS on interest payments to nominal members. The CIT(A) NFAC's decision, which relied on the CBDT Circular, was overturned. The principle of Res-judicata was upheld, as prior rulings had recognized nominal members as eligible for TDS exemption. The appeal was allowed, and the order treating the assessee as in default and charging interest under Section 201(1A) was quashed. en-us Tue, 20 Jun 2023 00:00:00 +0530 Fri, 20 Oct 2023 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444685 The ITAT Amritsar Bench ruled in favor of the assessee, a cooperative society, determining that nominal members should be considered as members under Section 194A of the Income Tax Act, 1961. Consequently, the society was not required to deduct TDS on interest payments to nominal members. The CIT(A) NFAC's decision, which relied on the CBDT Circular, was overturned. The principle of Res-judicata was upheld, as prior rulings had recognized nominal members as eligible for TDS exemption. The appeal was allowed, and the order treating the assessee as in default and charging interest under Section 201(1A) was quashed. Case-Laws Income Tax Tue, 20 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444685