ASST.C.I.T., MANGALORE vs. M/S THE SOUTH CANARA DISTRICT CENTRAL CO-OPERATIVE BANK LTD.,, MANGALORE
In the result, the appeal filed by the revenue is dismissed
ITA 1195/BANG/2015[2012-13]Status: DisposedITAT Bangalore09 Mar 2016AY 2012-13
Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao
For Appellant: Shri S. Ramasubramanian, CAFor Respondent: Mrs. Neera Malhotra, CIT-II
Section 144Section 194A(3)
section 194A(3)(v) of the Income- tax Act shall not apply to the payment of interest on time deposits by the co-operative banks to its members. As this amendment is effective from the prospective date of 1st June,
2015, the co-operative bank shall be required to deduct tax from the payment of interest on time deposits
