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TMI Blog2003 (1) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... losses of earlier year?" - controversy involved in the instant reference stands concluded by the decision of the apex court in CIT v. Kotagiri Industrial Co-operative Tea Factory Ltd., as such, the question deserves to be answered in negative and in favour of the Revenue and against the assessee. - - - - - Dated:- 17-1-2003 - Judge(s) : N. N. MATHUR., H. R. PANWAR. JUDGMENT The Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly filed its return on October 29, 1990, declaring loss. On January 17, 1992, the return was revised by reducing the loss to a sum of Rs. 4/78/72/532 against the sum of Rs. 5,38,73,220 in the original return. The assessee claimed deduction under section 80P(2)(d) of Rs. 2,54,081 being interest received by it from the co-operative bank. This claim was disallowed by the Assessing Officer for the rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... convenient to extract section 80P(2)(d), which reads thus: "80P. Deduction in respect of income of co-operative societies.-... (2) The sums referred to in sub-section (1) shall be the following, namely: -... (d) in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income." F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income the business losses of the earlier years as required under section 72 of the Act." The apex court further observed: "The principle of statutory construction invoked by Mrs. Ramachandran has no application in construing the expression 'gross total income' in sub-section (1) of section 80P. In view of the express provision defining the said expression in section 80B(5) for the purpose of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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