Supreme Court Of India
CIT, Jalandhar Vs. Nawanshahar Central Co-Op. Bank Ltd.
Section : 80P
S.H. Kapadia, Cj. Madan B. Lokur, J.
Civil Appeal Nos. 5975 & 5976 Of 2004
August 30, 2012
ORDER
Heard learned counsel on both sides.
The civil appeals are dismissed.
No order as to costs.
ORDER
Heard learned counsel on both sides. In these appeals, following questions of law arise for determination:
“[a] Whether the High Court was justified in holding that the Respondent-Assessee was entitled for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961 in respect of income from underwriting commission and interest on PSEB Bonds and IDBI Bonds?
[b] Whether the High Court was justified in affirming the decision of the Tribunal that the income earned by the Assessee which was derived from underwriting the issue of bonds and investments in PSEB Bonds was in the nature of income from banking business and hence qualified for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961?”
In view of the decision of this Court in the case of Commissioner of Income Tax, Jalandhar v. Nawanshahar Central Cooperative Bank Limited [Civil Appeal No.2499 of 2005/[2007] 160 Taxman 48 (SC) @ S.L.P. (C) No.3826 of 2004], these civil appeals filed by the Department are dismissed.
No order as to costs.
[Citation : 349 ITR 689]
