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TDS deductible by co-operative banks on interest on time deposits only from 01.06.2015
Case Law Details
- Case Name
- ACIT Vs Dharmapuri District Central Co-operative Bank Ltd. (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Chennai
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ACIT Vs Dharmapuri District Central Co-operative Bank Ltd. (ITAT Chennai)
Held that co-operative banks are liable to deduct TDS on payment of interest on time deposits only from 01.06.2015 and not before that.
Facts-
Assessee, a co-operative society, paid interest on deposits for more than Rs. 10,000/- and since no TDS, AO proceeded to make disallowance u/s. 40(a)(ia). CIT(A) directed AO to delete the said disallowance. Being aggrieved, the revenue is in appeal.
Conclusion-
Hon’ble Madras HC in the case of Coimbatore District Central Cooperative Bank Ltd. V/S ITO has held t...
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