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TMI Blog2013 (1) TMI 553X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 80P(2)(a)(i). The banking activities carried out by the respondent - assessee cannot be termed to be illegal, contrary or in violation of any statutory provisions - in favour of assessee. - INCOME TAX APPEAL No. - 223 of 2009 - - - Dated:- 5-12-2012 - R.K. AGRAWAL, AND RAM SURAT RAM (MAURYA), JJ. Petitioner Counsel: - S.C./Dhananjay Awasthi The present appeal has been filed un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Gautam Budh Nagar (Dadri) after its division from the District Cooperative Bank Ltd. Meerut. It works through it 25 branches and 69 cooperative societies. It mainly works for the development of agriculture and industries, in addition to help the economically and other backward classes. It also offers loan to middle classes for the purpose of purchase of home based utility goods and like items. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m was denied by the Assessing Officer, but was allowed by the Commissioner of Income Tax, Appeals. The appeal preferred by the Revenue has failed. We have heard Sri Dhananjay Awasthi, learned Senior Standing Counsel for the Revenue. Sri Ashish Agarwal has filed is appearance on behalf of the respondent - assessee. From the letter under reference, we find that the Reserve Bank of India had perm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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