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TMI Blog2009 (7) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... gral part of normal banking activities and, therefore, the assessee claimed deduction in respect of such income under Section 80P(2)(a)(i) of the Income Tax Act, 1961 – held that interest and dividend income derived out of investment are entitled to deduction - The assessing officer added Rs.2,86,260/- as unexplained cash credit under Section 68 of the said Act. - Such liability in suspense accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18/Kol./2008 pertaining to the assessment years 2003-04 and 2004-05. The assessee is Ramkrishnapur Co-operative Bank Limited. Admittedly, the assessee, a co-operative society, is carrying on the business of banking and providing credit facilities to its customers. The assessee invested certain sums, out of the surplus funds available out of the working capital including voluntary reserves, in va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stified in making disallowance of 10% per cent. of the expenses claimed by the assessee for the assessment year 2003-04. Mrs. Roychowdhury, learned advocate for the respondentassessee, submits that the assessee has accepted the order of the tribunal and has not challenged the same by filing an appeal. Therefore, we are not concerned in this appeal with regard to the order of the tribunal in so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted in 226 Income Tax Report 632, inter alia, held that interest and dividend income derived out of investment are entitled to deduction. The assessing officer added Rs.2,86,260/- as unexplained cash credit under Section 68 of the said Act. But, the assessee had shown Rs.2,86,260/- as liability in suspense account. Such liability in suspense account was shown by the assessee in the normal course ..... X X X X Extracts X X X X X X X X Extracts X X X X
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