9911796707
TMI Blog2001 (8) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of income earned from utilization of its reserve funds being statutory reserves under section 67(2) - Whether the Tribunal was right in law in holding that the locker rent is not deductible under section 80P(2)(a)(i) - Held, no X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the locker rent is not deductible under section 80P(2)(a)(i) ?" In so far as the first question is concerned, it is covered against the Revenue by the judgment delivered by this court on August 22, 2001, in CIT v. Karnataka State Co-operative Apex Bank [2001] 251 ITR 194 (Civil Appeals Nos. 4646-4648 of 2000). The first question, therefore, is answered in the negative and in favour of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tain, as a fact, whether the income derived by the assessee from the investment of its voluntary reserves has been utilised by it in the course of its ordinary banking business. Though the assessee placed before the assessing authority its books of account and balance-sheets, the fact aforestated was not considered at any stage, for one or other reason on which it is not necessary for us to dilate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g its own decision as also the judgments of the Rajasthan High Court and the Supreme Court ?" In so far as the interest income upon statutory reserves is concerned, the question must be answered in favour of the assessee, in the light of the judgment delivered by us in CIT v. Karnataka State Co-operative Apex Bank [2001] 251 ITR 194 (Civil Appeals Nos. 4646-4648 of 2000) As far as the interest in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
