2019 (12) TMI 538

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..... ruing to it is from the deposits made by the petitioner with the Kottayam District Co-operative Bank and hence, as per the provisions of Section 194A(3)(v), the provisions of sub section (1) thereof, which contemplate a deduction of tax at source would not apply - HELD THAT:- Through a statement filed by the learned Standing Counsel appearing on behalf of the 1st respondent, it is conceded that th .....

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..... ciety registered under the provision of the Kerala Co-operative Societies Act. In the writ petition, the petitioner is aggrieved by Ext.P2 communication received from the General Manager, Kottayam District Co-operative Bank, intimating them, based on the advice received from the Income Tax Department, that the interest payable to them on the Fixed Deposits maintained with the Bank is not exempt fr .....

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..... the provisions of Section 194A (3)(v) would apply to exclude the receipts of interest income by the petitioner from the requirement of tax deduction at source. Through a statement filed by the learned Standing Counsel appearing on behalf of the 1st respondent, it is conceded that the petitioner would get the benefit of the exemption provided under Section 194A(3)(v) of the Income Tax .....

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