ITO Vs. THODUPUZHA URBAN CO OPERATIVE BANK LTD

JUDGEMENT

(1.) W.A. No. 1788 of 1998

(2.) Aggrieved by the judgment, this appeal is filed only against the 4th petitioner in O.P. No.17082/1997, namely, the Thodupuzha Urban Cooperative Bank Ltd. No.394, Thodupuzha, Idukki District, represented by the Secretary.

(3.) Sub-s.3 of S.194A of the Act makes it clear that "the provisions of sub-s.(1) shall not apply" in respect of several situations mentioned under that clause. Admittedly, sub-s.(1) of S.194A cast the liability on all those institutions other than individuals and Hindu Undivided Family to deduct income tax at source, when such institutions pay interest on deposits exceeding the prescribed limit. Sub-s.(3)(viia) reads as follows: