2015 (12) TMI 1659

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..... e Appellant Sangram S. Kulkarni For the Respondent : Y. V. Raviraj JUDGMENT P. S. Dinesh Kumar, J. In this appeal by the assessee, the Income Tax Appellate Tribunal has held that tax had to be deducted by the assessee Co-operative bank in respect of the interest on time deposits paid to its members under Section 194A of the Act. 2. The Ministry of Finance, Government of India vide Circular No .....

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..... 5. Hence, a cooperative bank was not required to deduct tax from the payment of interest on time deposits of its members paid or credited before 1st June, 2015." 3. In the light of the aforesaid circular, the view of the Tribunal holding that Co-operative bank was required to deduct tax is not sustainable. Hence, this appeal merits consideration. 4. In the result, the appeal stands allowed. The .....

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