Judgment Search Results Home > Cases Phrase: karnataka souharda sahakari act 1997 section 15 promotion of subsidiary organisations Court: income tax appellate tribunal itat allahabad

Asstt. Commissioner of Income Tax Vs. District Cooperative Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2007)109ITD215(All.)

..... business, assessee entitled to specific deduction under section 80p(2)(a)(i) in respect of such income. further the hon'ble supreme court in case of cit v. karnataka state cooperative apex bank 251 itr 194, have held that investment made out of reserve fund to enable it to can on banking business. his income of banking business ..... on deposits with u.p. co-operative bank and other banks is covered under section 80p(2)(i) of i.t. act, 1961 relying on the decisions given by hon'ble supreme court in the cases of cit v. karnataka state cooperative apex bank 251 itr 194 and cit v. rani nath district central bank 255 itr 423. (ii) in ..... the assessee was entitled to deduction under section 80p(2)(a)(i) of the' income tax act, 1961, in respect thereof. cit v. karnataka state cooperative apex bank and mehsana district central cooperative bank ltd. v. ito followed. held also that cit v. karnataka state cooperative apex bank and mehsana district central cooperative bank ltd. v. ito are correctly decided. .....