In the result, appeal of the Revenue stands partly allowed for statistical purposes
Bench: Before Shri George Mathan, Judicial & Manish Agarwal Manish Agarwal
v) ) of the Act shall not apply to the payment of interest on time deposits by the co-operative banks to its members. ………..” 7. In view of these facts and looking to the intention of the legislature while making amendment to clause of section 194A, it is very much clear that the said amendment is prospective in nature