Case Law Details
Sections Involved 194A (1) r.w. 194A (3) clause (b) & (v), 2 (19)- Definition of Co-operative Society
Contentions of Assessee:
Assessee being a co-operative society, registered under Cooperative Societies Act, contended that, there was no obligation upon the it to deduct tax at source on the payments made to members (Interest on deposits made by members) and accordingly the demand u/s 201(1)/201(1A) could not have been raised. (Even CIT-(A) also confirmed the AO’s statement and thereby assessee forced to appeal before ITAT.)
Contentions/View of Revenue
The AO on spot verification of assessee place noted that, the assessee has not deducted TDS on term deposits. AO brought this fact to the notice of assessee and called for explanations.
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