2009 (2) TMI 85

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..... business and therefore the same is not eligible for deduction u/s 80P(2)(a)(i) – question is answered in the negative i.e. in favour of the assessee and against the revenue
D. A. MEHTA and S.R.BRAHMBHATT, JJ. Mr. S.N. Soparkar for the Applicant. Mrs. Mauna M. Bhatt for the Respondent. JUDGMENT JUSTICE D.A.MEHTA - Learned counsel appearing for both the sides state that the issue raised by t .....

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..... of statutory Reserve Fund of the applicant bank can not be considered as the income of the applicant Bank, from its banking business and therefore the same is not eligible for deduction u/s 80P(2)(a)(i) of the I.T.Act, 1961." As it is an agreed position between the parties that the issue stands answered by judgment rendered in case of Commissioner of Income-tax Vs. Baroda Peoples Co-operative Ban .....

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