INCOME TAX ACT, 1961

Section 194A

Tax deduction at source - Under section 194A(3)(v) - Interest paid by Co-operative society to Co-operative bank -

Assessee contended that payment of interest from District Cooperative Bank to assessee was payment of income by a Co-operative Society to another Co-operative Society and therefore, provisions of section 194A (3)(v) would apply to exclude receipts of interest income by assessee from requirement of tax deduction at source. Held: Through a statement filed on behalf of revenue, it was conceded that assessee would get benefit of exemption provided under Section 194A(3)(v). Considering the same there was no requirement of deducting tax at source in case of payment of interest from District Co-operative Bank to assessee.

REFERRED :

FAVOUR : In assessee's favour

A.Y. :

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