1997 TAX. L. R. 547 ::(1997) 142 CurTaxRep 58 ::(1996) 24 ITC 381 ::(1997) 225 ITR 421 ::(1997) 90 Taxman 426 ::(1997) 140 Taxation 38

Madhya Pradesh High Court

Hon'ble Judge(s): A K Mathur C J , C.J. AND S. K. Kulshrestha , J

(A) Income-tax Act (43 of 1961) , S.80-P. — Co-operative Bank - Assessment - Income from locker rent - Deduction of - Not available in view of (1988) 169 ITR 573. (B) Income-tax Act (43 of 1961) , S.80-P. — Co-operative Bank - Assessment of income - Exemption as to house rent - Availability - House rent not being attributable to banking activities - Cannot be exempted from assessment. (C) Income-tax Act (43 of 1961) , S.80-P— Co-operative Bank - Assessment - Income from miscellneous receipts - Entitlement to exemption - Receipts found to be attributable to banking business of assessee - Hence entitled to exemption. (1984) 149 ITR 438 Rel. on. (Para 6) (D) Income-tax Act (43 of 1961) , S.80-P— Co-operative Bank - Assessment - Income from interest on securities ear marked to reserve fund and gratuity - Entitlement to exemption - Such securities not being part of business of banking-Income from said Govt Securities are not entitled for exemption. (1996) 218 ITR 438 Applied. (Para 7) .....