THE SRI GOWRI COOPERATIVE SOCIETY,VISAKHAPATNAM vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1,, VISAKHAPATNAM

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Blem/S. The Sri Gowri Vs. Pr.Cit-1, Co-Operative Society, Visakhapatnam. D.No.49-34-32/1, Konathala Complex, Akkayyapalem Main Road, Visakhapatnam. Pan No. Aaaat 8140 M (Appellant) (Respondent)

260A to this court, heavy reliance was placed by the Revenue upon the decision of the Supreme Court in Totgar's. But the Division Bench distinguished Totgars on the ground that the said decision was confined to the facts of the said case and that the Supreme Court was not dealing with the cases relating to co-operative banks. Referring

SRI UMA KAMANDALESWARA CO - OPERATIVE RURAL BANK LTD.,ATHREYAPURAM vs. THE ADDL. CIT,, KAKINADA