THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. PEROORKADA SERVICE CO-OPERATIVE BANK LTD

Appeals are allowed as indicated above

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

194 (SC) and CIT v. Ramanandapuram District Co-operative Central Bank Ltd [2002] 255 ITR 423 (SC). The principle in these cases would also cover a situation where a Co-operative bank carrying on the business of banking is statutorily required to place a part of its funds in approved securities. The appeals are accordingly dismissed without costs

THE PRINCIPAL COMMISSIONER OF INCOME TAX, vs. VILAPPIL SERVICE CO-OPERATIVE BANK LTD.,

Appeals are allowed as indicated above