The Commissioner Of Income Tax v. M/S Kapurthala Ferozepur Kshetriya Gramin Bank

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH. I.T.A. No.25 of 2011 Date of decision: 4.4.2011 The Commissioner of Income Tax -----Appellant. Vs. M/s Kapurthala Ferozepur Kshetriya Gramin Bank. -----Respondent and connected appeals being ITA Nos.26, 28 and 29 of 2011 CORAM:- HON'BLE MR. JUSTICE ADARSH KUMAR GOELHON'BLE MR. JUSTICE AJAY KUMAR MITTALHON'BLE MR. JUSTICE AJAY KUMAR MITTAL Present:-Mr. Vivek Sethi, Standing Counselfor the appellant. for the appellant. --- ADARSH KUMAR GOEL, J. This order will dispose of I.T.A. Nos.25, 26, 28 and 29of 2011 as all the four appeals involve same questions. I.T.A. No.25 of 2011 has been preferred by therevenue under Section 260-A of the Income Tax Act, 1961 (forshort, “the Act”) against the order of the Income Tax AppellateTribunal, Amritsar dated 10.8.2010 in ITA No.309(ASR)/2010 forthe assessment year 2006-07 claiming following substantialquestions of law:- “(1)Whether the Tribunal was right in law in disallowingthe claim of the assessee bank for deduction u/s 80Pthe claim of the assessee bank for deduction u/s 80P (2)(a)(i) in respect of income earned from utilization ofits reserve funds being statutory reserves u/s 67(2) ofthe Gujarat Co-operative Societies Act 1961?(2)Whether the assessee bank is entitled to claimdeduction under section 80P(2)(a)(i) in respect ofincome earned from utilization of its voluntaryreserves other than the statutory reserves mentionedabove?” Learned counsel for the revenue fairly states that thematter is covered against the revenue by order of this Court dated2.2.2010 in I.T.A. No.594 of 2009 in CIT v. M/s ShivalikKshetriya Gramin Bank. Accordingly, these appeals are dismissed. A photocopy of this order be placed on the file of eachconnected case. (ADARSH KUMAR GOEL) JUDGE April 04, 2011ashwani ( AJAY KUMAR MITTAL ) JUDGE