TDS on Interest to Co-operative Societies: ITAT Mumbai Holds Co-operative Bank Liable u/s 194A

Citizen Credit Co-op Bank Ltd. Vs ITO (TDS) (ITAT Mumbai)

TDS on Interest to Co-operative Societies: ITAT Mumbai Holds Co-operative Bank Liable u/s 194A; Specific Provisions Override General Exemption

The Mumbai ITAT (C-Bench) largely dismissed the appeals of Citizen Credit Co-operative Bank Ltd. for AYs 2016-17 to 2019-20, holding that the bank was liable to deduct TDS under Section 194A on interest paid on time/fixed deposits to co-operative housing societies (non-members). The Tribunal ruled that although a co-operative bank is a co-operative society, onc

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