MAHESH URBAN CO-OP BANK LTD,SOLAPUR vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 2, SOLAPUR

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ITA 1485/PUN/2018Status: DisposedITAT Pune29 September 2022AY 2010-115 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that for the assessment year in question (2010-11), a cooperative bank was not liable to deduct TDS on interest payments made to its members. This was based on judicial precedents and legislative changes that occurred later.

What were the facts?

The assessee, a cooperative bank, made interest payments to members and non-members without deducting TDS. The lower authorities disallowed these payments under Section 40(a)(ia) of the Income Tax Act.

What were the issues?

Whether a cooperative bank is liable to deduct TDS on interest payments made to its members for the assessment year 2010-11, and consequently, whether such payments are disallowable under Section 40(a)(ia).

Which sections of the Income-tax Act were involved?

Section 40(a)(ia),Section 194A

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

Detected automatically from the text. The count shows how many other judgments on BharatTax rely on the same authority.

  • 134 Taxmann.com 1
    134 Taxmann.com 1 · 2004 · HC
    14 citing

Income Tax Appellate Tribunal, “B” BENCH, PUNE

Before: SHRI S.S.GODARA, JM & SHRI G.D. PADMAHSHALI, AM

For Respondent: Shri M.G.Jasnani
Hearing: 28.09.2022Pronounced: 29.09.2022

आदेश की प्रधतधलधप अग्रेधषत / Copy of the Order forwarded to : अपीलाथी / The Appellant. 1. प्रत्यथी / The Respondent. 2. 3. The CIT(A)-7, Pune. 4. The Pr.CIT-6, Solapur. धवभागीय प्रधतधनधध, आयकर अपीलीय अधधकरण, “बी” बेंच, 5. पुणे / DR, ITAT, “B” Bench, Pune. गार्ा फ़ाइल / Guard File. आदेशानुसार / BY ORDER, 6. // True Copy // Senior Private Secretary आयकर अपीलीय अधधकरण, पुणे / ITAT, Pune.

Mahesh Urban Co-Operative Bank Ltd.,

S.No. Details Date Initials 1 Draft dictated on 28.09.2022 2 Draft placed before author 28.09.2022 Draft proposed & placed before the Second 3 Member 4 Draft discussed/approved by Second Member 5 Approved Draft comes to the Sr. PS/PS 6 Kept for pronouncement on 7 Date of uploading of Order 8 File sent to Bench Clerk 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

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