9911796707
TMI Blog2015 (7) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... e deposit of non-statutory fund made by the assessee amounts to an investment which is one of the activities of a banking company contemplated under Section 5(b) of the Banking Regulation Act, 1949 quoted above. We find therefore, no reason why the income should not be treated as a business income. It was not disputed by Mr.Bhowmik that if it is the business income then it is amenable to benefi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he deduction made by him was taxed in the ordinary manner. Being aggrieved the assessee preferred an appeal. The C.I.T.(A) following an earlier judgment of the Tribunal allowed the contention of the assessee and reversed the order of the Assessing Officer. In an appeal preferred by the revenue, the learned Tribunal upheld the order of the C.I.T.(A) following its earlier judgment. It appears that n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise. He also drew our attention to section 56(c) of the Banking Regulation Act, 1949 by which Clause (cci) has been added to Section 5 of the Banking Regulation Act, 1949 which reads as follows; (cci) Co-operative Bank means a State Co-operative Bank, a Central Co-operative Bank and a primary Co-operative ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g business and amounts to an investment. His sole contention is that such a question was raised before the Supreme Court in the Case of Mehsana District Central Cooperative Bank Ltd. Vs. ITO reported in 251 ITR 522 and Their Lordships remanded the matter for further enquiry into the facts. The aforesaid course might have been required in that case. Mr. Bhowmik did not dispute that any further fact ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
