https://www.taxtmi.com/caselaws?id=447252 Cooperative societies receiving deposits, withdrawing cash and distributing relief or loan amounts were held not to fall within the statutory exemptions from tax deduction at source under section 194N, because they did not establish treatment as business correspondents or any other notified exception. The challenge under section 194A also failed, as section 80P does not by itself remove the separate obligation to deduct tax at source on interest payments. The writ challenge to the circulars was found premature, since the circulars only required compliance with the existing statutory scheme. The tax deduction requirements were therefore sustained, with only general compliance directions noted. en-us Mon, 18 Dec 2023 00:00:00 +0530 Mon, 07 Oct 2024 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447252 Cooperative societies receiving deposits, withdrawing cash and distributing relief or loan amounts were held not to fall within the statutory exemptions from tax deduction at source under section 194N, because they did not establish treatment as business correspondents or any other notified exception. The challenge under section 194A also failed, as section 80P does not by itself remove the separate obligation to deduct tax at source on interest payments. The writ challenge to the circulars was found premature, since the circulars only required compliance with the existing statutory scheme. The tax deduction requirements were therefore sustained, with only general compliance directions noted. Case-Laws Income Tax Mon, 18 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447252