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TMI Blog2016 (8) TMI 328X X X X Extracts X X X X X X X X Extracts X X X X ..... P. Bag, Adv ORDER The Court : The subject matter of challenge in the appeal is a judgment and order passed on 29th February, 2008 by the learned Income Tax Appellate Tribunal "D" Bench, Kolkata in ITA Nos. 28, 29 & 30/Kol./2008 pertaining to the Assessment Years 2002-03, 2003-04 and 2004-05 by which the learned Tribunal dismissed the appeals preferred by the revenue relying on an earlier judgmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... principle of ejusdem generis cannot be applied. Hence, in order to be eligible to claim exemption u/s. 80P(2)(a)(i), a co-operative bank need not carry on the business of banking only with its members. Income attributable to banking activities carried on with non-members will also be entitled to special deduction under this section." The aggrieved revenue has once again come up in appeal. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erative Bank Ltd., reported in [2007] 289 ITR 6 [SC], the following views were taken: "This Court has consistently held that investments made by a banking concern are part of the business of banking. The income arising from such investments would, therefore, be attributable to the business of bank falling under the head "Profits and gains to business" and thus deductible under section 80P(2)(a)( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that there is, as such, no doubt that the income earned by the assessee on account of interest from non-members or from nominal members or from trading in securities and other receipts is also eligible for deduction. Mr. Bhowmick, learned advocate, has not disputed the aforesaid submissions of Mr. Khaitan. We also find on a plain reading of Section 80P(2)(a)(i) that a co-operative society eng ..... X X X X Extracts X X X X X X X X Extracts X X X X
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