Co-operative society carrying on banking business not required to deduct tax u/s. 194A on interest paid to members: SC

IT: SLP dismissed against High Court ruling that where assessee, a co-operative society, carrying on banking business, paid interest income to members on time deposits, it was not required to deduct tax at source under section 194A by virtue of exemption granted vide clause (v) of sub-section (3) of section 194A

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