Taxap/132/2004 Of The Income Tax Officer v. Vepar Udhyog Vikas Sahakari Bank Limited
High Court
16 Aug 2005 In favour of: Assessee
Forum / Bench
High Court · gujarathc
Parties
Taxap/132/2004 Of The Income Tax Officer v. Vepar Udhyog Vikas Sahakari Bank Limited
Date of order
16 Aug 2005
Assessment year(s)
—
Outcome
Dismissed
Case summary
In Taxap/132/2004 Of The Income Tax Officer v. Vepar Udhyog Vikas Sahakari Bank Limited, the High Court (2005) dismissed the appeal. The decision went in favour of the assessee.
Decision: The question is, accordingly, answered in the affirmative.The Tax Appeals are, accordingly, dismissed.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
Sections referenced in this judgment
The order — as passed by the High Court
TAX APPEAL No. 131 of 2004
To
TAX APPEAL No. 134 of 2004
For Approval and Signature:
HONOURABLE MR.JUSTICE D.A.MEHTA
HONOURABLE MS.JUSTICE H.N.DEVANI
=============================================================
=============================================================
THE INCOME TAX OFFICER - Appellant(s)
Versus
VEPAR UDHYOG VIKAS SAHAKARI BANK LIMITED - Opponent(s)
=============================================================Appearance:
MR MANISH R BHATT for Appellant No(s).: 1. MR SN DIVATIA for Respondent No(s).: 1. =============================================================
CORAM : HONOURABLE MR.JUSTICE D.A.MEHTA
and
Date : 16/08/2005
ORAL JUDGMENT
(Per : HONOURABLE MS.JUSTICE H.N.DEVANI)
1.Heard Mr. Manish R. Bhatt, learned Senior Standing Counsel for theappellant-Revenue and Mr. S.N. Divatia, learned advocate for therespondent-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 Appeals are, accordingly, dismissed. There shall be no orderas to costs.
1.Registry to place copies of this judgment in all connected matters.
(D.A.MEHTA,J.) (H.N.DEVANI,J.)
Hitesh
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