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2019 (4) TMI 1174 - HC - Income TaxDeduction u/s 80P(2)(a)(i) - interest on securities and dividend are business income of banking business? - HELD THAT:- These questions of law have been decided in favour of the assessee and against the Department in the earlier Income Tax Appeal The Commissioner of Income Tax vs. M/s United Mercantile Cooperative Bank Ltd [2011 (11) TMI 666 - ALLAHABAD HIGH COURT] on the basis of the Apex Court judgment reported in Commissioner of Income Tax vs. Karnataka State Cooperative Apex Bank [2001 (8) TMI 9 - SUPREME COURT] wherein it has been held that interest arising from investment made in compliance with the statutory provisions to enable it to carry on banking business would be exempt u/s 80P(2)(a)(i). In this view of the matter, we are of the considered opinion that the order of the Tribunal does not suffer from any legal infirmity - appeal dismissed
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