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2015 (7) TMI 10 - CALCUTTA HIGH COURT

2015 (7) TMI 10 - CALCUTTA HIGH COURT - TMI - 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 Regul .....

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t under challenge by the revenue is dated 13th 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 t .....

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evenue submitted that the business income of the 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 .....

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) "Co-operative Bank" means a State 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 .....

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