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TMI Blog2015 (3) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... te. ORAL JUDGMENT [per B.P. Dharmadhikari, J.] Heard Advocate Shri Anand Parchure for the Department and Advocate Shri K.P. Dewani for the assessee, in both the matters. 2] Only question is about the exact nature of activity carried on by the assessee. The activity to be looked into in both the matters is same. Earlier Appeal No.78 of 2009 is for the assessment year 20052006 while later one i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y bill even though such as activity was in addition to the carrying on the business of banking?" 4] According to the learned Counsel, the provisions need to be understood in narrow sense and hence the banking activity must be understood strictly in commercial sense. He further states that the facility made available to the State Electricity Board or to the Cotton Growers Federation which is not a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2012) 349 ITR 689 (SC). In this case, the Hon'ble Apex Court has considered the income from underwriting commission for eligibility under Section 80P. It has relied upon the earlier judgment in case of Commissioner of Income Tax, Jalandhar vs Nawanshahar Central Cooperative Bank Limited and dismissed the challenge as raised by the Department. Thus, the Hon'ble Apex Court has found that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee on account of collection of electricity bills needs to be answered against the appellant. 9] Insofar as the second question is concerned, the commission is earned by the assessee because of the facility of prepayment extended by the bank to the farmers under the Cotton Monopoly Scheme introduced by the State Government for procurement of cotton. The cheques issued by the State Governme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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