TMI Blog2004 (6) TMI 238X X X X Extracts X X X X X X X X Extracts X X X X ..... of by this common order for the sake of convenience. The common ground raised in these two appeals by the Revenue reads as under: "On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in holding that the entire income of the co-operative bank from whatsoever investment is attributable to the business of the bank and accordingly eligible for exemption under s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epartmental Representative. Similarly, the decision of Hon'ble jurisdictional High Court in the case of Gujarat State Co-op. Bank Ltd. relied upon by the learned Departmental Representative is also reversed by the Hon'ble apex Court in the case of Mehsana Distt. Central Co-op. Bank Ltd. vs. ITO (2001) 170 CTR (SC) 169 : (2001) 251 ITR 522 (SC). He also pointed out that the Special Bench of the Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Representative is reversed by the Hon'ble apex Court in the case of Karnataka State Co-op. Apex Bank. Similarly, the decision of the Hon'ble jurisdictional High Court in the case of Gujarat State Co-op. Bank Ltd. is partly reversed and partly set aside by the Hon'ble apex Court in the case of Mehsana Distt. Central Co-op. Bank Ltd. The Special Bench of the Tribunal, considered all the above decis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut that the income of the assessee was interest from banks and IVP. On the above facts, the decision of the Special Bench of the Tribunal in the case of Surat Distt. Co-op. Bank Ltd. would be squarely applicable. Respectfully following the same, we uphold the order of the CIT(A) for both the years under appeal. 5. In the result, the appeals of the Revenue are dismissed. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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