2013 (3) TMI 68

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..... ad [2013 (1) TMI 553 - ALLAHABAD HIGH COURT] & [2013 (1) TMI 552 - ALLAHABAD HIGH COURT] cooperative banks who are carrying on banking business are entitled for deduction under Section 80P(2)(a)(i) of the Act - in favour of assessee. - Income Tax Appeal No. - 186 of 2005 - - - Dated:- 16-1-2013 - R. K. Agrawal And Ram Surat Ram (Maurya),JJ. Petitioner Counsel :- D. Awasthi ORDER Th .....

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..... e circumstances of the case the investments made outside permissible limits of the Regional Rural Bank would qualify to be "Bank Business" contrary to provisions of Explanation to section 36(1)(viia), and consequently income arising therefrom would be eligible to deduction u/s 80-P (2) (a) of the Act? 3. Whether on the facts and in the circumstances of the case the Tribunal justified in cancelin .....

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..... rch, 2003 had partly allowed the appeal. The exemption claimed under Section 80P(2)(a)(i) of the Act was allowed. The Revenue feeling aggrieved preferred an appeal before the Tribunal. The Tribunal vide impugned order had dismissed the appeal. We have heard Sri Dhananjay Awasthi, learned Senior Standing Counsel appearing for the Revenue and Sri R.R. Kapoor, learned counsel appearing for the resp .....

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