2016 (7) TMI 748

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..... nt of India vide Circular No.19/2015 in F.No.142/14/2015- TPL, has held that the Co-operative Banks are not required to deduct tax at source on time deposits of its members paid or credited on or before 1.7.2015. In view of the aforesaid circular, this appeal does not survive for consideration and is according ly dismissed. - Decided in favour of assessee - ITA No.100116 OF 2014 - - - Dated:- .....

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..... tax Act have been amended so as to expressly provide that the exemption provided from deduction of tax from payment of interest to members by a co-operative society under 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-ope .....

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