The Commissioner of Income Tax-II vs. The Andhra Bank Employees Co.Operative Bank Limited

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

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

80P(2)(a) of the Act is given restrictive meaning as including the interest earned only on the statutory deposits made by a cooperative society, it would amount to supplying causus omissus and has to be avoided by the Court. In Bihar State Co-operative Bank Ltd v CIT[13] the Supreme Court considered the scope of the notification issued

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

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