2013 (1) TMI 553

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..... come Tax Act, 1961 (hereinafter referred to as the 'Act') against the order dated 19.9.2008 passed by the Income Tax Appellate Tribunal, New Delhi (hereinafter referred to as the 'Tribunal'). The Commissioner of Income Tax, Ghaziabad has proposed the following substantial question of law said to be arising out of the order of the Tribunal: - "Whether on the facts and circumstances of the case, th .....

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..... U.P. Cooperative Societies Act, 1965. It had applied for grant of licence to undertake banking activities from the Reserve Bank of India. Pending issuance of licence, the Reserve Bank of India vide letter dated 28.12.2007 had permitted the bank (opposite party) to continue its banking activities. The letter dated 28.12.2007 has been reproduced in the order of the Tribunal and therefore, we are no .....

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..... to continue to operate its banking activities. Thus, for all practical purposes, the assessee is entitled to claim deduction under Section 80P(2)(a)(i) of the Act. The banking activities carried out by the respondent - assessee cannnot be termed to be illegal, contrary or in violation of any statutory provisions. The order passed by the Tribunal does not suffer from any legal infirmity. The app .....

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