Held that the amendment of S. 194A(3)(v) made by the Finance Act, 2015, whereby exemption from deduction of TDS has been withdrawn in the case of co-operative banks is applicable prospectively w.e.f. 1st June, 2015 and, therefore, interest paid by the assessee-bank on time deposits without deduction of TDS prior to said date could not be disallowed under s. 40(a)(ia). Order of CIT(A) is affirmed.(AY.2014-15, 2015-16, 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 40(a)(ia): Amounts not deductible-Deduction at source-interest paid on the deposits-Co-operative bank-Finance Act, 2015 w.e.f. 1st June, 2015-Amendment is applicable prospectively w.e.f. 1st June, 2015 and not applicable for the relevant years-Deletion of disallowance is affirmed.[S.194A(3)(v)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-53721","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dYt","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=53721"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53721\/revisions"}],"predecessor-version":[{"id":53722,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53721\/revisions\/53722"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=53721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=53721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=53721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}