https://www.taxtmi.com/caselaws?id=780421 ITAT held that the cooperative credit society was not liable to deduct TDS under s.194A(3)(v) on interest paid to members for AY 2014-15, being not a bank licensed under the Banking Regulation Act. Even if treated as a bank for argument's sake, no statutory obligation to deduct TDS on members' time deposits existed before the Finance Act, 2015 amendment effective 01.06.2015. Consequently the society was not an "assessee in default" under s.201(1), no interest under s.201(1A) was chargeable, and initiation of penalty proceedings under s.271C was erroneous. en-us Mon, 06 Oct 2025 00:00:00 +0530 Tue, 28 Oct 2025 15:22:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780421 ITAT held that the cooperative credit society was not liable to deduct TDS under s.194A(3)(v) on interest paid to members for AY 2014-15, being not a bank licensed under the Banking Regulation Act. Even if treated as a bank for argument's sake, no statutory obligation to deduct TDS on members' time deposits existed before the Finance Act, 2015 amendment effective 01.06.2015. Consequently the society was not an "assessee in default" under s.201(1), no interest under s.201(1A) was chargeable, and initiation of penalty proceedings under s.271C was erroneous. Case-Laws Income Tax Mon, 06 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780421