Society accepting deposits only from members can’t be held to be engaged in ‘banking business'; No exemption u/s 194A

INCOME TAX : The benefit of exemption under section 194A(3)(iii)(a) would apply only when the interest income in respect of deposit made with the treasury accrues/arises to a co-operative society engaged in carrying on the business of banking, which in turn involves acceptance of deposits from the public, and not merely from its own members

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192342/society-accepting-deposits-only-from-members-can’t-be-held-to-be-engaged-in-‘banking-business-no-exemption-us-194a.aspx