The Income Tax Officer, - Appellant(S v. The Anand Mercantile Co-Op. Bank Ltd. - Opponent(S
High Court
16 Aug 2005 In favour of: Assessee
Forum / Bench
High Court · gujarathc
Parties
The Income Tax Officer, - Appellant(S v. The Anand Mercantile Co-Op. Bank Ltd. - Opponent(S
Date of order
16 Aug 2005
Assessment year(s)
—
Outcome
Dismissed
Case summary
In The Income Tax Officer, - Appellant(S v. The Anand Mercantile Co-Op. Bank Ltd. - Opponent(S, the High Court (2005) dismissed the appeal. The decision went in favour of the assessee.
Issue: 3[Whether their Lordships wish to see the fair copy ]of the judgment ?Whether this case involves a substantial question of law as to the interpretation of the 4constitution of India, 1950 or any order made thereunder ?5[Whether it is to be circulated to the civil judge ]? ===========================...
Decision: The tax appeal is, 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
TAXAP/323/2003
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL No. 323 of 2003
For Approval and Signature:
HONOURABLE MR.JUSTICE D.A.MEHTA
HONOURABLE MS.JUSTICE H.N.DEVANI
============================================================== 1[Whether Reporters of Local Papers may be allowed ]to see the judgment ?
2To be referred to the Reporter or not ?
3[Whether their Lordships wish to see the fair copy ]of the judgment ?Whether this case involves a substantial question of law as to the interpretation of the 4constitution of India, 1950 or any order made thereunder ?5[Whether it is to be circulated to the civil judge ]?
==============================================================
THE INCOME TAX OFFICER, - Appellant(s)
Versus
THE ANAND MERCANTILE CO-OP. BANK LTD. - Opponent(s)
============================================================== Appearance :MR MANISH R BHATTfor Appellant No(s).: 1.MR SN DIVATIAfor Respondent No(s).: 1.==================================================================
CORAM :HONOURABLE MR.JUSTICE D.A.MEHTA
and
HONOURABLE MS.JUSTICE H.N.DEVANI
Date : 16/08/2005
ORAL JUDGMENT
(Per : HONOURABLE MS.JUSTICE H.N.DEVANI)
1Heard Mr.M.R.Bhatt, learned Senior Standing Counsel
for the appellant - Revenue and Mr.S.N.Divetia for the
TAXAP/323/2003
respondent.
2It is an accepted position that the controversy raised by the question framed at the time of admission stands concluded by a decision of this Court rendered in Tax Appeal No.208 of 2003 and cognate matters on 29.07.2005, 01.08.2005 and 09.08.2005 in the case of Commissioner of Income Tax-tax Vs. The Baroda Peoples Co-operative Bank Limited.
3Therefore, it is held that the Tribunal was justified in law in allowing deduction under Section 80P(2)(a)(i) of the Income-tax Act, 1961 on interest income as being attributable to the business of banking. The question is, accordingly, answered in the affirmative. The tax appeal is, accordingly, dismissed. There shall be no order as to costs.
(D.A.Mehta, J)(H.N.Devani, J)
m.m.bhatt
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