https://www.taxtmi.com/caselaws?id=796489 Specific TDS provisions for co-operative societies carrying on banking business govern interest on time deposits paid to co-operative housing societies, overriding the general exemption for payments between co-operative societies. Interest exceeding the prescribed threshold was therefore subject to TDS, and the bank could be treated as an assessee in default. Relief under the proviso to section 201(1) may be available where the recipient has filed its return, included the interest in taxable income, and met the prescribed conditions; verification by the Assessing Officer is required before granting that relief. en-us Mon, 19 Jan 2026 00:00:00 +0530 Thu, 06 Aug 2026 09:11:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796489 Specific TDS provisions for co-operative societies carrying on banking business govern interest on time deposits paid to co-operative housing societies, overriding the general exemption for payments between co-operative societies. Interest exceeding the prescribed threshold was therefore subject to TDS, and the bank could be treated as an assessee in default. Relief under the proviso to section 201(1) may be available where the recipient has filed its return, included the interest in taxable income, and met the prescribed conditions; verification by the Assessing Officer is required before granting that relief. Case-Laws Income Tax Mon, 19 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796489