2016 (3) TMI 168

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..... ving any banking licence from the Reserve Bank of India - Held that:- As the appellant-bank at the outset apprised the court about certain subsequent developments by submitting that after the aforesaid order was passed by the High Court, the Assessing Officer proceeded with the assessment holding that the appellant-assessee was not entitled to any deduction under the aforesaid provisions of the Ac .....

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..... vocates, for the respondents. JUDGMENT 1. The appellant is engaged in the business of banking. It had been filing income-tax returns claiming exemption from tax under section 80P(2)(a)(i) of the Income-tax Act, 1961, for the last 40 years prior to the assessment year in question, i.e., the assessment year 1999-2000. For this year also, though the return filed by the appellant was accepted .....

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..... 156 (P H). Against that order a special leave petition was filed in which leave was granted and that is how the present appeal has come before us. 2. Learned counsel appearing for the appellant-bank at the outset apprised the court about certain subsequent developments by submitting that after the aforesaid order was passed by the High Court, the Assessing Officer proceeded with the assessment .....

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