TDS on interest to members on deposits by co-operative society not deductible

Raddi Sahakara Bank Niyamitha Vs ACIT (ITAT Bangalore) ITAT Bangalore held that cooperative societies carrying on banking business when it pays interest to its members on deposits need not deduct tax at source in view of the provisions of Sec.194A(3)(v) of the Act. Facts- The instant appeal filed by the assessee is directed against the order passed by the National Faceless Appeal Centre (NFAC). Notably, the matter involved tax deduction at source on interest paid by co-operative banks. The matter was decided ex-parte against the assessee. Being aggrieved, assessee has preferred the present app...