Taxap/106/2004 Of Dy. Commissioner Of Income-Tax v. Bardoli Nagrik Sahakari Bank Ltd

TAX APPEAL No. 106 of 2004 For Approval and Signature: HONOURABLE MR.JUSTICE D.A.MEHTA HONOURABLE MS.JUSTICE H.N.DEVANI Appearance :MR BB NAIK for Petitioner No(s).: 1. MR RK PATEL for Respondent No(s).: 1. ============================================================CORAM : HONOURABLE MR.JUSTICE D.A.MEHTA and HONOURABLE MS.JUSTICE H.N.DEVANI ORAL JUDGMENT (Per : HONOURABLE MS.JUSTICE H.N.DEVANI) 1.Heard Mr. B.B. Naik, learned Standing Counsel for the appellant-Revenue and Mr. R.K. Patel learned counsel for the respondent-assessee. 1.It is an accepted position that the controversy raised by the questionframed at the time of admission stands concluded by a decision of thisCourt rendered in Tax Appeal No. 208 of 2003 and the cognate mattersrendered on 29.07.2005, 01.08.2005 and 09.08.2005 in the case ofCommissioner of Income-Tax V/s. The Baroda Peoples Co-operative BankLimited. 1.Therefore, it is held that the Tribunal was justified in law inallowing deduction under Section 80P(2)(a)(i) of the Income-Tax Act,1961 on interest income as being attributable to the business ofbanking. The question is, accordingly, answered in the affirmative.The Tax Appeal is, accordingly, dismissed. There shall be no order asto costs. (D.A.MEHTA,J.) (H.N.DEVANI,J.) Hitesh