2017 (6) TMI 1218

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....JUSTICE H. B. PRABHAKARA SASTRY FOR THE APPELLANT : SRI. Y.V.RAVIRAJ, ADV.,) JUDGMENT 1. The learned counsel for the department - Revenue Mr. Y.V.Raviraj, submits that the controversy is no longer res integra and is covered by the decision of the Co-ordinate Bench i.e. The Commissioner of Income Tax and another Vs. The Ilkal Co-Operative Bank Ltd., The Co-ordinate Bench in the said case h....

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....ve society under section 194A(3)(v) 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 coopera....