Itta/11/2004 Of The Commissioner Of Income Tax v. The Andhra Pradesh State Co.op Bank Ltd

THE HON'BLE SRI JUSTICE DILIP B.BHOSALEANDTHE HON’BLE SRI JUSTICE A.RAMALINGESWARA RAO I.T.T.A. Nos.8 and 11 of 2004 COMMON JUDGMENT:(per Hon'ble Sri Justice Dilip B.Bhosale) These two appeals belong to a group of Income Tax appealsbearing I.T.T.A. Nos.86 of 2003 and batch. In the instant appeals andin the aforesaid batch of appeals, the substantial question of lawraised is identical. In both the appeals, the respondent-assessee isone and the same. The aforementioned batch of appeals wasdisposed of by this Court vide judgment dated 07.06.2011 answeringthe question in favour of the assessee and against the Revenue. The question that was framed and answered reads thus: “whether a cooperative society carrying on the businessof banking is entitled to claim exemption under Section80P(2)(a)(i) of the Act in respect of the income derived outof the investments made from voluntary reserves of suchsociety?” The question framed in the present appeals reads thus: “whether on the facts and in the circumstances of thecase, the assessee is entitled to claim exemption u/s.80P(2) (a) (i) of the Income Tax Act, in respect of incomederived from the investments made by way of voluntaryreserves?” In the circumstances, learned counsel for the parties have jointlyprayed for disposal of these appeals, answering the question in favourof the assessee and against the Revenue. The appeals are, accordingly, disposed of answering thequestion in favour of the assessee and against the Revenue. No orderas to costs. Miscellaneous petitions pending in the appeals, if any, alsostand disposed of. 11[th] February, 2015.sur __________________ Dilip B.Bhosale, J ________________________ A.Ramalingeswara Rao, J