TMI Blog2011 (9) TMI 1070X X X X Extracts X X X X X X X X Extracts X X X X ..... - - - Dated:- 7-9-2011 - SHRI R.S. SYAL (AM) SHRI VIJAY PAL RAO (JM) For the Appellant : Shri Pradeep Sharma For the Respondent : Shri W. Hasan. O R D E R PER R.S. SYAL, AM : This appeal by the Revenue arises out of the order passed by the CIT(A) on 03-02-2010 in relation to asstt. year 1997-98. 2. The following two effective grounds have been raised in this app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 02-2005 in ITA No.1640/Mum/2001, the Tribunal restored certain issues for fresh decision in accordance with certain directions. 4. Ground no. 1 deals with the granting of deduction by the ld. CIT(A) u/s.80P on the Misc. income of ₹ 8,74,696/-. The ld. CIT(A), through para 4 of the impugned order, observed that similar issue was decided by him in asstt. year 1996-97 in favour of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent, now it cannot turn around to claim that deduction u/s.80P be not allowed on misc. income. We, therefore, uphold the impugned order on this issue. 6. The second ground is against the granting of deduction u/s.80P on interest income on bill discounting, interest on bill discounting under the LC, income from bank guarantee, and profit arising from dealing in foreign exchange. It is noticed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . ITO (2001) 251 ITR 522 (SC) and the provisions of sec. 6(1) of the Banking Regulation Act for coming to the conclusion that these are the amounts attributable to carrying on the business of banking or providing credit facilities to its members. We, therefore, uphold the impugned order on this issue. 7. In the result the appeal is dismissed. Order pronounced on the 07th day of September, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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