M/S THE RADDI SAHAKARA BANK NIYAMITHA,DHARWAD vs. INCOME TAX OFFICER,, HUBLI

In the result, the appeals by the assessee are allowed, while the stay petitions are dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

disallowed was payment of interest to members and therefore there was no obligation to deduct tax at source in view of the provisions of Sec.194A(3)(v) of the Act. The Assessee also drew attention of the AO to the decision of the Hon’ble Bombay High Court in the case of The Jalgaon District Central Co- operative Bank

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BENGALURU, BENGALURU vs. CANARA BANK, BENGALURU

In the result, appeal of the revenue in ITA No

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessmentyear: 2017-18

194A(3), makes it clear that even Government of India considers the above entities separate and distinct from banking companies. Once under the Income Tax Act, Legislature itself has made a distinction for the aforesaid banks including the assessee are not covered as banking company, then, this further buttresses the point that these banks are separate and distinct from other

ASST.C.I.T., HASSAN vs. THE CHIKMAGALUR DISTRICT CO-OPERATIVE CENTRAL BANK LIMITED, CHICKMAGALUR

In the result, the appeal by the Revenue is dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz Assessment Year : 2007-08

Disallowance of interest paid on deposits for non-deduction of TDS – Rs.5,18,83,290 Sl. Particulars Amount paid Sub-section under No. by the bank which exempted from (in Rs.) deduction of TDS 1 Interest paid on SB (including 1,54,14,512 194A(3)(viia

INCOME TAX OFFICER, WARD 1, UDUPI, UUPI vs. KAMBADAKONE RYTARA SEVA SAHAKARI SANGHA LTD, UDUPI

194A(3)(v) has been so amended, section\n80P(2)(d) has not been amended to include co-operative\nbanks explicitly.\n6.\nThe CIT(A) erred in non appreciating/neglecting the fact that\nthe character or nature of interest income received on the\ninvestment or deposits from a scheduled bank or co-\noperative banks is the same

INCOME TAX OFFICER, WARD-1, UDUPI vs. KAMBADAKONE RYTARA SEVA SAHAKARI SANGHA LTD, UPPUNDA

194A(3)(v) has been so amended, section\n80P(2)(d) has not been amended to include co-operative\nbanks explicitly.\n6.\nThe CIT(A) erred in non appreciating/neglecting the fact that\nthe character or nature of interest income received on the\ninvestment or deposits from a scheduled bank or co-\noperative banks is the same

ASSISTANT COMMISSIONER OF INCOME-TAX, HUBLI vs. M/S. KARNATAKA VIKAS GRAMEEN BANK, DHARWAD

In the result the appeal is Partly allowed

Bench: Shri N.V. Vasudevan & Shri B R Baskaran

194A of the Act which is a section appearing in Part XVIIB of the Act, the Assessee was obliged to deduct tax at source where interest paid is in excess of Rs.10,000/- per annum. During the assessment proceedings it was noticed by the AO that the Assessee has paid total interest of Rs 411,29,54,190/- during

ASSISTANT COMMISSIONER OF INCOME-TAX, HUBLI vs. M/S. KARNATAKA VIKAS GRAMEEN BANK, DHARWAD

In the result the appeal is Partly allowed

Bench: Shri N.V. Vasudevan & Shri B R Baskaran

194A of the Act which is a section appearing in Part XVIIB of the Act, the Assessee was obliged to deduct tax at source where interest paid is in excess of Rs.10,000/- per annum. During the assessment proceedings it was noticed by the AO that the Assessee has paid total interest of Rs 411,29,54,190/- during

ACIT, HUBLI vs. KARNATAKA VIKAS GRAMEEN BANK, DHARWAD

In the result, the appeal by the assessee is treated as partly allowed for statistical purpose

Bench: Shri N.V Vasudevan & Shri Jason P Boaz

viia) of the Act is restored and the relief allowed by the CIT(A) is held to be not correct. 25. The Ground Nos. 2 to 3 are accordingly allowed. 26. Ground Nos. 4 and 5 raised by the Revenue reads as follows:- “4. Whether on facts & circumstances of the case, is the 01(A) correct in deleting addition

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

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

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

THE GRADUATES CO-OPERATIVE BANK LTD,MYSORE vs. ADDITIONAL COMMISSIONER OF INCOME TAX, RANGE-2, MYSORE

In the result, the appeal filed by the assessee is allowed in the terms indicated above

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadaleassessment Year : 2012-13 M/S. The Graduates’ Co- The Additional Operative Bank Ltd., Commissioner Of # K-9, 473/1, Chamaraja Vs. Income-Tax, Double Road, Range – 2, Mysore. Mysore. Pan: Aaaat8676L Appellant Respondent Assessee By : Shri Narendra Sharma, Advocate Revenue By : Dr. P.V. Pradeep Kumar, Addl. Cit (Dr) Date Of Hearing : 02.07.2019 Date Of Pronouncement : 12.07.2019

194A(3) is applicable prospectively vide para 42.5 of CBDT Circular 19/2015 as amended by Finance Act, 2015 and thus Order is without sanction of law and therefore additions deserves deletion. 4. The Hon'ble CIT[A] erred in upholding the disallowance of Page 2 of 12 Rs.6,80,318/- towards deduction u/s 36(1) (viia) without appreciating that