2017 (6) TMI 1218

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..... FOR THE APPELLANT : SRI. Y.V.RAVIRAJ, ADV.,) JUDGMENT 1. The learned counsel for the department - Revenue Mr. Y.V.Raviraj, submits that the controversy is no longer res integra and is covered by the decision of the Co-ordinate Bench i.e. The Commissioner of Income Tax and another Vs. The Ilkal Co-Operative Bank Ltd., The Co-ordinate Bench in the said case has held as below : "In this appeal .....

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..... x 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-operative bank shall be required to deduct tax from the payment of interest on time deposits of its members, on or after the 1st June, 2015. Hence, a cooperative bank was not required to deduct tax from the pa .....

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