https://www.taxtmi.com/caselaws?id=775093 The ITAT Mumbai held that a co-operative society making interest payments to other co-operative societies is exempt from TDS obligations under Section 194A(3)(v), provided its gross turnover does not exceed Rs. 50 crores in the previous financial year. The tribunal clarified that while the first limb of Section 194A(3)(v) excludes co-operative banks from TDS exemption when paying interest to members, the second limb contains no such exclusion for inter-cooperative society transactions. The matter was remanded to the AO for verification of the assessee's gross turnover against the Rs. 50 crore threshold and examination of deposit nature under Section 194A(3)(viia). The appeal was allowed for statistical purposes, with directions for appropriate relief upon verification. en-us Mon, 30 Jun 2025 00:00:00 +0530 Sat, 19 Jul 2025 08:25:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775093 The ITAT Mumbai held that a co-operative society making interest payments to other co-operative societies is exempt from TDS obligations under Section 194A(3)(v), provided its gross turnover does not exceed Rs. 50 crores in the previous financial year. The tribunal clarified that while the first limb of Section 194A(3)(v) excludes co-operative banks from TDS exemption when paying interest to members, the second limb contains no such exclusion for inter-cooperative society transactions. The matter was remanded to the AO for verification of the assessee's gross turnover against the Rs. 50 crore threshold and examination of deposit nature under Section 194A(3)(viia). The appeal was allowed for statistical purposes, with directions for appropriate relief upon verification. Case-Laws Income Tax Mon, 30 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775093