https://www.taxtmi.com/caselaws?id=774968 Interest paid by a co-operative bank on time deposits to another co-operative society falls within the exemption in section 194A(3)(v) of the Income-tax Act, 1961. The amended wording and explanatory memorandum to the Finance Act, 2015 were read as preserving that exemption where the payer is a co-operative bank and the payee is a co-operative society. On that construction, no tax was required to be deducted at source under section 194A, and the consequential liability as an assessee in default under section 201 did not arise. en-us Thu, 26 Jun 2025 00:00:00 +0530 Thu, 17 Jul 2025 08:19:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774968 Interest paid by a co-operative bank on time deposits to another co-operative society falls within the exemption in section 194A(3)(v) of the Income-tax Act, 1961. The amended wording and explanatory memorandum to the Finance Act, 2015 were read as preserving that exemption where the payer is a co-operative bank and the payee is a co-operative society. On that construction, no tax was required to be deducted at source under section 194A, and the consequential liability as an assessee in default under section 201 did not arise. Case-Laws Income Tax Thu, 26 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774968