TMI Blog2011 (7) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... come earned by the assessee is directly linked to the banking business carried on by the assessee - Appeal is dismissed - 4125 OF 2010 - - - Dated:- 21-7-2011 - J.P. DEVADHAR AND A.A.SAYED, JJ. Ms. Anamika Malhotra for appellant. Mr. S.N.Inamdar, senior Advocate with Mr. Mihir Naniwadekar for respondent. ORAL JUDGMENT (PER J.P. DEVADHAR, J.) 1. The question of law raised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee on the ground that the interest income received from advance rent cannot be said to be from the banking business as contemplated under Sect6ion 80P(2)(a)(i) of the Act. 5. On appeal filed by the assessee, the CIT(A) held that the interest income was received in the course of banking business and hence eligible for deduction under Section 80P of the Act. ITAT has upheld the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rent for the purpose of carrying on banking business. Thus, the interest income in the present case is closely connected to the banking business carried on by the assessee. Thirdly, the Reserve Bank of India, controlling the banking business in India has issued guidelines on 18/6/1987 thereby permitting the co-operative banks to give advance rent to the landlords (from whom premises are taken for ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
