ITAT Mumbai Judgments — January 2026

The Tribunal held that the assessee, being a co-operative bank engaged in banking business, was covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b), not the general provision of Section 194A(3)(v). Therefore, the assessee was liable to deduct TDS on interest payments above the threshold.

The Tribunal held that the assessee, being a co-operative bank, was obligated to deduct tax at source on interest paid to other co-operative societies, as specific provisions of Section 194A override general exemptions. The exemption under Section 194A(3)(v) was not applicable to co-operative banks in this context.

The Tribunal held that Section 194A(3)(i)(b) of the Act, which exempts Co-operative societies engaged in banking from TDS up to Rs. 10,000, was applicable. Since the payments exceeded this threshold, the assessee was obliged to deduct tax. Section 194A(3)(viia)(b) further excluded such payments from TDS waiver.

The Tribunal held that the assessee, being a co-operative bank, was not exempt from deducting TDS on interest paid to other co-operative societies that were not members. Specific provisions regarding TDS for co-operative banks override general exemptions for co-operative societies.

The Tribunal held that the assessee, being a co-operative bank engaged in banking business, was covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b), not the general provision of Section 194A(3)(v). Therefore, the assessee was liable to deduct TDS on interest payments above the threshold.

The Tribunal held that the assessee, being a co-operative bank, was not exempt from deducting tax at source on interest paid to other co-operative societies, as specific provisions for co-operative banks override general exemptions for co-operative societies.

The Tribunal held that the assessee, being a co-operative bank, was obligated to deduct tax at source on interest paid to co-operative societies that were not its members, as specific provisions of Section 194A applied. General exemptions for co-operative societies were not applicable in this context.

The Tribunal held that Section 194A(3)(i)(b) makes it clear that a co-operative society engaged in the business of banking is exempted from TDS only up to Rs. 10,000/-. Since the payments exceeded this limit, the assessee was obligated to deduct tax.

The Tribunal held that there was no dispute that the entire transaction was pre-arranged and the assessee acted as a conduit entity in layered transactions. The assessee disclosed non-genuine short-term capital loss and a corresponding non-genuine short-term capital gain of equal amounts. The Tribunal concurred with the CIT(A) that the share transactions were non-genuine and pre-arranged. However, it did not approve of taxing the entire value of the purchase and sale transactions. The Tribunal reasoned that in such conduit cases, the assessee cannot be taxed on the entire value but only on the embedded commission or profit element earned for facilitating the transactions, as the principal amounts do not partake the character of income in the hands of the conduit entity. Accordingly, the Tribunal directed the AO to estimate the commission income at 2% of the total value of the impugned purchase and sale transactions. The order of the CIT(A) was modified to this extent. Ground 1 was dismissed as not pressed.

The Tribunal condoned the delay of 63 days in filing the appeal, citing the landmark decision of the Hon'ble Supreme Court in Collector, Land Acquisition v. Mst. Katiji And Others, which emphasizes that refusing to condone delay can result in a meritorious matter being thrown out and cause justice to be defeated. The Tribunal noted that the assessee was not heard by the CIT(A) before the appellate order was passed, violating the principles of natural justice. Although the CIT(A) considered the material on record, substantive adjudication could not be done without providing the assessee an opportunity of hearing. Therefore, the Tribunal set aside the appellate order and restored the entire matter back to the CIT(A) for passing a fresh appellate order (de novo). The assessee was granted one final opportunity to represent their case, with a caution against seeking frivolous adjournments and an expectation of cooperation. The appeal was allowed for statistical purposes.

The Tribunal held that there was no case of under-reporting of income. The impugned income was wrongly classified in the return of income due to a typographical mistake. Once the reason for not including the amount in the return was explained as a bonafide and inadvertent mistake, no penalty under Section 270A was justified. The Tribunal relied on the Hon'ble Supreme Court's decision in Price Water House Coopers Pvt Ltd vs. CIT, which held that a bonafide and inadvertent error does not amount to concealment of income or furnishing inaccurate particulars. The Tribunal found that all facts were available before the AO during assessment, and nothing was hidden or concealed. Therefore, the penalty levied under Section 270A was set aside, and the AO was directed to delete it. The grounds of appeal were allowed.

The Tribunal held that the assessee, being a co-operative bank engaged in banking business, was covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b), not the general exemption under Section 194A(3)(v). Therefore, the assessee was liable to deduct TDS on interest payments exceeding the threshold.

The Tribunal held that the assessee, being a Co-operative bank engaged in banking business, was covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b) of the Act, not the general exemption under Section 194A(3)(v). Therefore, TDS was deductible on interest payments.

The Tribunal held that the assessee, a cooperative bank, was obligated to deduct tax at source on interest paid to cooperative societies that were not members of the bank. The specific provisions of Section 194A override general exemptions.

The Tribunal held that the assessee, being a co-operative bank engaged in banking business, was not covered by the general exemption under section 194A(3)(v) but by specific provisions of section 194A(3)(i)(b) and 194A(3)(viia)(b), making TDS applicable.

The Tribunal held that the assessee, a cooperative bank, was obligated to deduct tax at source on interest paid to cooperative societies that were not members. Specific provisions regarding TDS for cooperative banks override general exemptions for cooperative societies.

The Tribunal held that the assessee, a cooperative bank, was obligated to deduct tax at source on interest paid to cooperative societies that were not its members. Specific provisions regarding TDS for cooperative banks override general exemptions for cooperative societies.

The Tribunal held that the assessee, being a co-operative bank, was required to deduct tax at source on interest paid to other co-operative societies, as specific provisions under Section 194A override general exemptions.

The Tribunal held that the assessee, being a co-operative bank engaged in banking business, is covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b), not the general provision of Section 194A(3)(v). Therefore, the assessee was liable to deduct TDS on interest payments above the threshold.

The Tribunal held that the assessee, being a co-operative society engaged in banking, was exempt from deducting TDS on interest paid to other co-operative societies under Section 194A(3)(v) of the Income-tax Act. The specific provisions cited by the revenue did not override this exemption.

The Tribunal held that the assessee, as a co-operative bank, was obligated to deduct tax at source on interest paid to co-operative societies that were not its members. Specific provisions regarding TDS for co-operative banks override general exemptions for co-operative societies.

The Tribunal held that the co-operative bank was covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b) of the Act, not the general provision of Section 194A(3)(v). Therefore, the bank was liable to deduct TDS on interest payments.

The Tribunal held that the assessee, a co-operative bank, was not exempt from deducting tax at source on interest paid to other co-operative societies. Specific provisions regarding TDS for co-operative banks override general exemptions for co-operative societies.

The Tribunal held that the assessee, being a co-operative bank, was obligated to deduct TDS on interest paid to other co-operative societies, even if they were not members. The general exemption under Section 194A(3)(v) was not applicable to co-operative banks in this context.

The Tribunal held that the assessee, a cooperative bank, was obligated to deduct tax at source on interest paid to cooperative societies that were not members, as specific provisions override general exemptions. The assessee's reliance on general exemptions under Section 194A(3)(v) was deemed incorrect.

The Tribunal held that the assessee, being a co-operative bank engaged in banking business, was covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b), not the general exemption under Section 194A(3)(v). Therefore, TDS was deductible on interest payments exceeding the threshold.

The Tribunal held that the assessee, being a co-operative society engaged in banking, was exempt from deducting TDS on interest paid to other co-operative societies under Section 194A(3)(v) of the Income-tax Act. The exemption applies to interest paid by a co-operative society to any other co-operative society.

The Tribunal held that the assessee, being a cooperative bank, was obligated to deduct tax at source on interest paid to other cooperative societies, as specific provisions override general exemptions. The exemption under Section 194A(3)(v) was not applicable to cooperative banks in this context.

The Tribunal held that the assessee, as a cooperative bank, was obligated to deduct tax at source on interest paid to other cooperative societies, as specific provisions for cooperative banks override general exemptions for cooperative societies. The amendments to Section 194A from 2015 onwards mandate TDS deduction by cooperative banks.

The Tribunal held that Section 194A(3)(v) of the Income-tax Act provides an exemption for interest paid by a co-operative society to another co-operative society. Therefore, the assessee was not liable for TDS.

The Tribunal held that the assessee, being a co-operative bank, was not exempt from deducting TDS on interest paid to other co-operative societies. Specific provisions regarding TDS for co-operative banks override general exemptions for co-operative societies.

The Tribunal held that the assessee, being a co-operative bank engaged in banking business, is covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b), not the general provision of Section 194A(3)(v). Therefore, the assessee was liable to deduct TDS on interest paid to other co-operative societies.

The Tribunal held that the assessee, being a cooperative bank, was obligated to deduct TDS on interest paid to other cooperative societies, as specific provisions override general exemptions. The assessee's claim for exemption under Section 194A(3)(v) was not accepted.

The Tribunal held that the co-operative bank was covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b), which mandate TDS, rather than the general exemption under Section 194A(3)(v). Therefore, the assessee was liable for TDS.

The Tribunal held that the assessee, being a co-operative bank engaged in banking business, was covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b), not the general exemption under Section 194A(3)(v). Therefore, the assessee was liable to deduct TDS on interest payments.

The Tribunal held that the assessee, being a co-operative bank, was not exempt from deducting TDS on interest paid to other co-operative societies. Specific provisions for co-operative banks override general exemptions for co-operative societies.

The Tribunal held that a cooperative bank is distinct from a cooperative society and is subject to specific TDS provisions. The exemption under Section 194A(3)(v) for payments to members of a cooperative society does not apply to a cooperative bank paying interest to other cooperative societies.

The Tribunal held that the assessee, a co-operative bank, was obligated to deduct tax at source on interest paid to co-operative societies that were not members, as specific provisions of Section 194A override general exemptions.

The Tribunal held that a cooperative bank is distinct from a general cooperative society and is subject to specific TDS provisions. The exemption under Section 194A(3)(v) for cooperative societies paying interest to members or other cooperative societies does not apply to cooperative banks paying interest to non-member cooperative societies.

The Tribunal held that the Co-operative bank is covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b), not the general provision of Section 194A(3)(v). Therefore, the bank was liable to deduct TDS on interest payments exceeding the threshold.

The Tribunal held that the assessee, a co-operative bank, was obligated to deduct tax at source on interest paid to co-operative societies that were not members, as specific provisions regarding co-operative banks override general exemptions for co-operative societies.

The Tribunal held that the Co-operative bank was covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b) of the Act, not the general provision of Section 194A(3)(v). Therefore, the assessee was liable to deduct TDS on interest payments above the threshold.

The Tribunal held that the assessee, being a co-operative bank engaged in banking business, was covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b), not the general exemption under Section 194A(3)(v). Therefore, TDS liability was upheld.

The Tribunal held that specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b) apply to co-operative banks engaged in banking business, overriding the general exemption under Section 194A(3)(v). Therefore, the assessee was liable to deduct TDS on interest paid.

The Tribunal held that the assessee, being a co-operative bank engaged in banking business, was not covered by the general exemption under Section 194A(3)(v). Instead, specific provisions like Section 194A(3)(i)(b) and 194A(3)(viia)(b) applied, making TDS mandatory.

The Tribunal held that the assessee, being a co-operative bank engaged in banking business, was covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b), not the general provision of Section 194A(3)(v). Therefore, the assessee was liable to deduct TDS on interest payments exceeding the threshold.

The Tribunal held that the assessee was not required to deduct tax at source on interest paid to other co-operative societies, as per Section 194A(3)(v) of the Income-tax Act. The exemption under this section was applicable even to a co-operative bank paying interest to another co-operative society.

The Tribunal held that the assessee, being a co-operative bank engaged in banking business, was covered by specific provisions of Section 194A(3)(i)(b) and 194A(3)(viia)(b) of the Act, not the general exemption under Section 194A(3)(v). Therefore, TDS was liable on interest payments above the threshold.

The Tribunal held that the assessee was not required to deduct tax at source on interest paid to other co-operative societies, as per the provisions of Section 194A(3)(v) of the Income-tax Act. Therefore, the assessee could not be treated as an assessee in default.

The Tribunal held that the assessee bank was not required to deduct tax at source on interest paid to other Co-operative societies under Section 194A(3)(v) of the Act. Therefore, the assessee could not be treated as an assessee in default.