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TMI Blog2015 (3) TMI 1330X X X X Extracts X X X X X X X X Extracts X X X X ..... 80P( 2)(a)(i) - Held that:- The Division Bench of this Court in the case of CIT vs. Ratnagiri Dist. Central Cooperative Bank Ltd. [2001 (9) TMI 60 - BOMBAY HIGH COURT] considered income by way of interest derived by assessee formed part of banking business and therefore entitled for exemption under Section 80P(2)(a)(i). The Judgment of the Apex Court in a case of Madhya Pradesh Cooperative Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr.Alok Sharma, Standing Counsel for Appellant. Mr.P.S. Gaikwad Advocate for Respondent. ORDER : 1. Mr. Sharma, learned counsel for Appellant states that the income byway of interest generated on the deposits made in National Saving Certificates and Kisan Vikas Patras cannot be treated as income forming part of the banking business and as such the same is not exempted under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 251 I.T.R. 194 (S.C.), so also the Judgment of the Division Bench of this Court in a case of Commissioner of Income Tax vs. Ratnagiri Dist. Central Cooperative Bank Ltd., 2002(1) Mh.L.J. 892. 3. In all these matters the Respondent Bank had invested its funds in National Saving Certificates and Kisan Vikas Patras. The Division Bench of this Court in the case of Commissioner of Income Tax vs. Rat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss and therefore entitled for exemption under Section 80P( 2)(a)(i) of the Income Tax Act. The Judgment of the Apex Court in a case of Madhya Pradesh Cooperative Bank Ltd. vs. Additional C.I.T., referred supra, relied on by the Appellant has been overruled by the Apex Court in the subsequent Judgment in the case of Commissioner of Income Tax vs. Karnataka State Cooperative Apex Bank, referred supr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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