2017 (3) TMI 741

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....anding Counsel for the Respondents. ORAL JUDGMENT :(Per ANOOP V. MOHTA, J.) Called out from final hearing Board. Heard finally by consent of the parties. Both the Counsel appearing for the respective parties have submitted that all the above tax appeals can be disposed off by a common order as common issues are involved. Therefore this common judgment. The Ministry of Finance, Government of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....as to deduct TDS on income credited or paid in respect of deposit of described limit, except which falls under the provisions. The appeals therefore of the respective assessee/appellant were dismissed by the tribunal by the separate orders. Therefore the tax appeals. 3. This High Court on 9/04/2015 admitted the appeals on the following substantial questions of law:   (I) Whether on the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....) of the Income-tax Act shall not apply to the payment of interest on time deposits by the co-operative banks to its members. As this amendment is effective from the prospective date of 1st June, 2015, the co-operative bank shall be required to deduct tax from the payment of interest on time deposits of its members, on or after the 1st June, 2015. Hence, a cooperative bank was not required to dedu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....it also goes to the root of the issues so raised, we are inclined to allow the appeals. The Explanatory Notes has made the position of law clear that such Co-operative Banks are not liable to deduct any amount from the TDS, prior to the effective date 1/06/2015. The appellant Co-operative Bank was not under obligation to deduct the amount from the TDS, for the assessment years prior to 1/06/2015 i....