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2016 (7) TMI 193 - GUJARAT HIGH COURT

2016 (7) TMI 193 - GUJARAT HIGH COURT - TMI - Deduction u/s.80P(2)(a)(i) - A.O. disallowed the exemption to short term / long term capital gains and restricted the deduction under Section 80P on profits relating to business of banking - Held that:- By virtue of the decision of the Apex Court in the case of C.I.T. v. Karnataka State Coop. Apex Bank [2001 (8) TMI 9 - SUPREME Court] , the entire issue has been settled and decided in favour of the assessee as observed that there is nothing in the ph .....

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ss. In that view of the matter, the Revenue's objection to the deduction claimed by the assessee to its so called non-banking profits must rest here. - The assessee had derived income from sale of Government securities and other approved investments. Such proceeds were thereafter invested in securities and deposits which may not have been approved under section 71 of the Gujarat Cooperative Societies Act. What we are concerned with is the treatment that such income out of sale proceeds and .....

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21-6-2016 - MR. KS JHAVERI AMD MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MR KM PARIKH, ADVOCATE FOR THE OPPONENT : MR SN DIVATIA, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) By way of this appeal, the appellantrevenue has challenged the order dated 19/06/2009 passed by the ITAT for the assessment year 2002-2003 whereby the appeal of the assessee came to be partly allowed by the ITAT. 2. The short facts of the case are that assessee is a Cooperative Bank carrying on business a .....

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m of loss, however no such revised return was found and it was held by A.O. that no revised return was filed for withdrawing such claim. Therefore, the A.O. reopened the assessment under Sections 147/148 and ultimately in the final computation of income, the A.O. disallowed the exemption to short term / long term capital gains and restricted the deduction under Section 80P on profits relating to business of banking and thus worked out total income at ₹ 1,21,54,772/. 2.1 The action of the A .....

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s contended that the issue involved in the present appeal is identical to one which has been decided in Tax Appeal No.1528 and 1529 of 2009 vide judgment dated 20/09/2011 and therefore while adopting the said view, this Hon'ble Court may be pleased to dismiss the present appeal. 5. Having heard the learned Counsel for the parties and having considered the facts of the case, it appears that the issue raised in this appeal has been identical to one which has been decided in Tax Appeal No.1528 .....

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009 is also with respect to the same assessee for the assessment year 2001-02. The Assessing Officer, once again noted that the decision of Surat District Cooperative Bank was not accepted by the Department and therefore denied deduction under section 80P of the Act in respect of what he referred to as non-banking profit. When the matter was carried before the CIT (Appeals), he took somewhat a different stand. CIT (Appeals) was of the opinion that certain proceeds on sale of securities were inve .....

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ssessee's appeal relying on the decision of the Tribunal in the case of Rajkot Nagrik Sahakari Bank Limited. Revenue, thereupon, presented this Tax Appeal raising following question : Whether on the facts and in the circumstances of the case, the Tribunal was right in law in allowing the deduction u/s.80P(2)(a)(i) in contradiction to the assessee having income from capital gains not attributable to regular banking business of the assessee ? Though at different stages different authorities ha .....

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d? In so far as first question is concerned, it does not pose any serious difficulty. As already noted, the assessee was relying on the decision of the Special Bench of the Tribunal in the case of Surat District Cooperative Bank (supra). At the stage when the Assessing Officer decided the issue, the Revenue had carried the decision in further appeal. However, subsequently, by virtue of the decision of the Apex Court in the case of C.I.T. v. Karnataka State Coop. Apex Bank, 251 ITR 194, the entir .....

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