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Commissioner of Income Tax, Kolkata-XVIII Versus Contain Cooperative Bank Ltd.

2015 (7) TMI 10 - CALCUTTA HIGH COURT

Entitlement to benefit under Section 80P(2)(a)(i) - whether a voluntary investment made by the assessee and the interest earned from such investment is amenable for the benefit under Section 80P(2)(a)(i) - Held that:- As at presently advised, we are of the opinion that the deposit of non-statutory fund made by the assessee amounts to an investment which is one of the activities of a banking company contemplated under Section 5(b) of the Banking Regulation Act, 1949 quoted above.

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November, 2009 passed by the learned Income Tax Appellate Tribunal pertaining to the assessment year 2006-2007. The Assessing Officer without spending a word, in the computation made by him in his order under Section 143(3) of the IT Act, deducted the interest earned by the assessee from the non-statutory funds. The aforesaid deduction was made because the Assessing Officer was not inclined to give the benefit under Section 80P(2)(a)(i). Naturally the deduction made by him was taxed in the ordi .....

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he assessee is amenable to the benefit under Section 80P(2)(a)(i) but the income earned from interest from non-statutory funds was not amenable to an identical benefit under the aforesaid section. Mr. Bharadwaj, learned Advocate, appearing for the assessee submitted that the assessee is a primary cooperative bank and is engaged in the business of banking. He relied upon Clause (b) of Section 5 of The Banking Regulation Act, 1949 in order to show the definition of the expression 'banking' .....

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Co-operative Bank, a Central Co-operative Bank and a primary Co-operative Bank." Mr. Bharadwaj, contended that the assessee is a primary cooperative bank and is engaged in the business of the banking which includes investments. The question for consideration before us is whether a voluntary investment made by the assessee and the interest earned from such investment is amenable for the benefit under Section 80P(2)(a)(i). He contended that there is no reason why a separate treatment has to b .....

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