No TDS deductible by co-operative society on interest paid to members before 1st June 2015

Himachal Mitra Mandal Cooperative Credit Society Limited. Vs ITO (ITAT Mumbai) ITAT Mumbai held that, in terms of section 194A(3)(v) of the Income Tax Act, co-operative society is not liable to deduction TDS on interest paid or credited on deposits to members before 1st June 2015. Accordingly, order set aside and appeal allowed to that extent. Facts- The assessee, a Co-operative society paid interest on Time deposits of its Members amounting to Rs.1,58,05,328/-. TDS authority found that no TDS was deducted by it on the interest exceeding Rs 10,000/- paid, thus violating the provisions of sect...