No TDS on Payment of Interest by Co-op Society to its Members prior to Amendment of Sec 194A

The LIC Employees Co-operative Bank Ltd. Vs. ACIT (Madras High Court)

The petitioner assessee obtained license from the Reserve Bank of India on 01.03.1966 to carry out banking business. It was further stated that the petitioner assessee has two categories of membership, namely, one open to LIC employees only and second category is associate membership. Both categories of members can deposit money into the petitioner Society but loan can be availed only by the LIC employee members. Further, it was stated that the amendment to Section 19

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