Section 194A(3)(viia)(b) of the Income Tax Act
The decision most relied on for Section 194A(3)(viia)(b) is Bank Ltd. (supra), Saraswat Co-op. Bank Ltd. v. ITO (TDS) (54 Taxmann.com 297), cited in 76 of the 33 judgments on BharatTax that turn on this section.
Leading authorities on Section 194A(3)(viia)(b)
The exemptions provided under Section 194A(3) do not extend to interest payments made to cooperative societies, thereby requiring the deduction of tax at source on such payments.
Convertible debentures (CCDs) continue to be classified as debt until they are converted into equity. During the pre-conversion period, interest paid on CCDs is treated as interest on debt, not as interest on equity.
A co-operative society mentioned in Section 194A(3)(v) of the Income Tax Act should be interpreted as a co-operative society other than a co-operative bank.
Judgments on Section 194A(3)(viia)(b)
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