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TMI Blog2019 (4) TMI 1174X X X X Extracts X X X X X X X X Extracts X X X X ..... tions of law have been decided in favour of the assessee and against the Department in the earlier Income Tax Appeal The Commissioner of Income Tax vs. M/s United Mercantile Cooperative Bank Ltd [ 2011 (11) TMI 666 - ALLAHABAD HIGH COURT] on the basis of the Apex Court judgment reported in Commissioner of Income Tax vs. Karnataka State Cooperative Apex Bank [ 2001 (8) TMI 9 - SUPREME COURT] wherei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 31st March, 2005 passed by the Income Tax Appellate Tribunal,(Lucknow Bench) for the assessment year 1998-99. The appeal has been admitted on the following questions of law: "1. Whether on the facts and in the circumstances of the case, Income Tax Appellate Tribunal was correct in law in holding that interest on securities was a business income and therefore, the same was deduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax vs. Karnataka State Cooperative Apex Bank (2001 (251) ITR 194) wherein it has been held that interest arising from investment made in compliance with the statutory provisions to enable it to carry on banking business would be exempt under section 80P(2)(a)(i) of the Act. In this view of the matter, we are of the considered opinion that the order of the Tribunal does not suffer from any le ..... X X X X Extracts X X X X X X X X Extracts X X X X
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