DARJEELING DISTRICT CENTRAL CO-OP. BANK LTD. ,DARJEELING vs. ACIT, CIR-3(1),SILIGURI. , SILIGURI

In the result, all the appeals of the assessee are allowed

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

viia)(a) of section 194A(3) of the Income-tax Act shall not be required to deduct tax on interest payment to depositors even after the said amendment. 42.7 Further, the existing exemption provided under section (3)(v) of the Income-tax Act from deduction of tax from interest paid by a co-operative society to another co-operative society

DARJEELING DISTRICT CENTRAL CO.OP. BANK LTD. ,DARJEELING vs. ACIT(OSD)(TDS)WD-5(3), DARJEELING, , DARJEELING.

In the result, all the appeals of the assessee are allowed

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

viia)(a) of section 194A(3) of the Income-tax Act shall not be required to deduct tax on interest payment to depositors even after the said amendment. 42.7 Further, the existing exemption provided under section (3)(v) of the Income-tax Act from deduction of tax from interest paid by a co-operative society to another co-operative society

ACIT, CIRCLE-41, NADIA, NADIA vs. M/S SAKTINAGAR SAMABAY KRISHI UNNYAN SAMITY LTD., NADIA

In the result, the appeal of the revenue is dismissed

TDS need not be deducted if payment by a co-operative society is made to a resident and the amount of interest so paid does not exceed Rs. 10,000/-. The learned DR has not disputed the applicability of the said clause in principle. He however has contended that this stand was not taken by the assessee before