Section 194A TDS not deductible on interest Payment to Members by Co-Op Bank

Mahesh Urban Co-Operative Bank Ltd Vs ACIT (ITAT Pune)

ITAT held that a co-operative bank/ assessee has no liability to deduct TDS on interest payments made to members. We thus delete the impugned section 194A r.w.s. 40 (a)(ia) disallowance of Rs. 2,00,095/- in very terms therefore.

FULL TEXT OF THE ORDER OF ITAT PUNE

1. This assessee’s appeal for A.Y. 2010-11 is directed against the CIT(A)-7, Pune’s order dated 17/05/20 18 passed in case No. PN/CIT(A)-7/

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