https://www.taxtmi.com/caselaws?id=310995 ITAT Bangalore held that a cooperative society engaged in banking business is exempt from TDS obligations under section 194A(3)(v) when paying interest to members on deposits, reversing the disallowance under section 40(a)(ia). The tribunal followed its earlier precedent for the same assessee covering assessment years 2010-11 and 2011-12. Additionally, the tribunal allowed amortization of premium on government securities held to maturity as allowable expenditure, following the precedent in Sir M. Visweswaraya Co-operative Bank Ltd case. Both issues were decided in favor of the assessee. en-us Wed, 27 Sep 2017 00:00:00 +0530 Fri, 01 Dec 2023 09:30:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310995 ITAT Bangalore held that a cooperative society engaged in banking business is exempt from TDS obligations under section 194A(3)(v) when paying interest to members on deposits, reversing the disallowance under section 40(a)(ia). The tribunal followed its earlier precedent for the same assessee covering assessment years 2010-11 and 2011-12. Additionally, the tribunal allowed amortization of premium on government securities held to maturity as allowable expenditure, following the precedent in Sir M. Visweswaraya Co-operative Bank Ltd case. Both issues were decided in favor of the assessee. Case-Laws Income Tax Wed, 27 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310995