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| The Tax Publishers2020 TaxPub(DT) 4534 (Coch-Trib) INCOME TAX ACT, 1961
Section 194A
Assessee was not co-operative soceity but co-operative bank carrying on banking business with the approval of Reserve Bank of India and as such, assessee was not liable to deduct TDS under section 194A from interest paid to its own members.
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Tax deduction at source - Under section 194A - Requirement to deduct tax in case of interest paid by co-operative bank to own members -
Assessee, co-operative bank, claimed deduction of interest paid to own members. AO disallowed deduction for want of TDS under section 194A. Held: Assessee was not cooperative society but co-operative bank carrying on banking business with the approval of Reserve Bank of India and as such, assessees was not liable to deduct TDS under section 194A from interest paid to its own members.
Relied:Asstt. CIT, Circle-2 (1), Thrissur v. Kodungallur Town Co-operative Bank Ltd. [ITA Nos. 527-529 & 526/Coch/2017 Order, dated 31-5-2018] and Kadachira Service Co-op. Bank Ltd. v. ITO, Ward-1, Kannur The Mavilayi Service Co-op Bank Ltd. v. ITO (2013) 141 ITD 270 (Coch-Trib.) : 2013 TaxPub(DT) 827 (Coch-Trib).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
INCOME TAX ACT, 1961
Section 80P(2)(a)(i)
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