Commissioner of Income Tax-II, vs. M/S The A.P.Mahesh Coop. Urban Bank Ltd,

In the result, for the above reasons, these appeals fail and

Bench: V.V.S.RAO,RAMESH RANGANATHAN

b), (c) and Section 6 of the BR Act along with Section 80P(2)(a) of the Act, it becomes clear that the income received by a cooperative bank from deposits, whether or not they are made in discharge of a statutory obligation or otherwise being income from banking business, would be eligible for exemption under the said provision. Does

Commissioner of Income Tax -II vs. The Agrasen Coop. Urban Bank Ltd.,

In the result, for the above reasons, these appeals fail and

Bench: V.V.S.RAO,RAMESH RANGANATHAN

b), (c) and Section 6 of the BR Act along with Section 80P(2)(a) of the Act, it becomes clear that the income received by a cooperative bank from deposits, whether or not they are made in discharge of a statutory obligation or otherwise being income from banking business, would be eligible for exemption under the said provision. Does

Alugubelli Nagabhushana Rao vs. The Income Tax Officer,

The Appeals stand dismissed

Bench: C.V.NAGARJUNA REDDY,M.S.K.JAISWAL

gains of business attributable to any of other activities referred to sub-section (2) of Section 80P shall be deducted in computing the total income of the assessee. In other words, the said income is not taxable. It is a benefit given to the Co- operative society. Section 80P(4) was introduced by Finance Act, 2006 with effect from

Principal Commissioner of Income Tax vs. M/s Nara Constructions,

Bench: CHALLA KODANDA RAM,C.V.NAGARJUNA REDDY

2) Act, 2009, with effect from 1st April 2010 and accordingly applicable in respect of Assessment Year 2010-2011 and subsequent Assessment Years, clause (viii) to Section 36 (1) was amended to read as under:- “36. (1) The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income