Cooperative societies in banking exempt from TDS on member deposits under Income Tax Act Section 194A(3)(i)(b). CBDT circulars can't override law.

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....TDS on interest paid on deposits by its members u/s 194A(3)(i)(b) - CBDT circular cannot over-ride the prescription of statute passed by the parliament. And, there is no quarrel that assessee is a co-operative society engaged in banking business - No TDS - AT....