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Farrukhabad GramIn Bank Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2006)103ITD207Agra

..... aggrieved by this, in appeal before the first appellate authority, it was submitted on behalf of the assessee that the ao erred on facts and in law in holding that the investment made by the assessee was not in accordance with banking regulation act, 1949 and the rrb act, 1976.in this context the assessee stated referring to section 22 of the rrb act, 1976 that as per this section the status of the assessee bank is deemed to be a co-operative society for the purpose of section 80p of the it act, 1961 as such it was claimed that the assessee is entitled to the deduction claimed. ..... . the order of the bombay bench in the case of maharashtra state co-operative bank (supra) pertains to only non-slr and the observations on which reliance has been placed by the learned departmental representative, it was submitted, has been overruled by the hon'ble supreme court.9.2 it was further submitted that the arguments that the income from banking has been to the extent applied in the notified area, has been exempted, is not correct since the entire income of the assessee has been taxed ..... . the assessee-bank is a scheduled commercial bank and is authorized to do banking business as defined in the banking regulation act .....