HC explains provision of Exemption from provisions of Section 194A to Co-operative Societies

Chirayinkeezhu Service Co-operative Bank Ltd. Vs. Central Board of Direct Taxes (Kerala High Court) It is the case of the petitioners herein that as Primary Agricultural Credit Societies, they are co-operative societies inter alia engaged in carrying on the business of banking and they are therefore entitled to receive the interest amounts earned by them from deposits made with the State Treasuries and the District Co-operative Banks respectively without deduction of tax at source. They contend that in respect of the amounts deposited with the State Treasury, they would be exempted from the re...