9911796707
TMI Blog2010 (3) TMI 181X X X X Extracts X X X X X X X X Extracts X X X X ..... tory reserves – income earned from locker rent – Held that: following the decision in the matter of Commissioner of Income Tax v. Nawanshahar Central Co-operative Bank Ltd [2008 -TMI - 11702 - PUNJAB AND HARYANA High Court][SLP dismissed by the SC], in respect of income from statutory reserves eligible for deduction under Section 80P (2)(a)(i) of the Income Tax Act, 1961 – interest from locker ren ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in law in disallowing the claim of the assessee bank for deduction u/s 80(P) (2)(a)(i) in respect of income earned from utilization of its reserve funds being statutory reserves u/s 67(2) of the Gujarat Cooperative Societies Act, 1961? ii) Whether the assessee bank is entitled to claim deduction under Section 80(P)(2)(a)(i) in respect of income earned from utilization of its voluntary reserves ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the above judgment of this Court. It is also conceded position that the Special Leave Petition against the aforementioned judgment, has been dismissed by Hon'ble the Supreme Court. Moreover, a Division Bench of this Court has already dismissed a similar appeal, bearing ITA No. 594 of 2009, on 2.2.2010, which was filed by the appellant revenue against the assessee-respondent in respect of earl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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