Allowing the petition the Court held that ; a co-operative society formed for the welfare of the employee of the life insurance corporation and all members of assessee  is not liable to deduct tax at source . Court also observed that ; Coimbatore District Central Bank Ltd. v.ITO (2016) 382 ITR 266 ( Mad) (HC) which  the respondent has not gone through the decision, copy of which was filed by the petitioner along with their reply to the show-cause notice. The Assessing Officer was bound by the decision rendered by the jurisdictional High Court. It is stated that as on date there is no appeal by the revenue as against the decision. That apart, in the assessee’s own case for the previous assessment years, the Tribunal has held in favour of the petitioner assessee. Mere pendency of an appeal would not amount to an order of stay. Therefore, even assuming appeals have been presented as long as orders passed by the Tribunal has not been stayed or set aside, it is binding upon the Assessing Officer. (AY. 2015-16)