In appeal against the Income Tax Appellate Tribunal, the High Court disposed of the Tax Case Appeal by treating it as withdrawn. No costs were awarded.
Disposed as withdrawn; substantial questions of law left open. No costs.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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IN THE HIGH COURT OF JUDICATURE AT MADRAS
Dated: 15/6/2016
C O R A M
The Honourable Mr.Justice S.Manikumar and The Honourable Mr.Justice D.Krishnakumar
Tax Case Appeal No.1983 of 2008
The Commissioner of Income Tax Erode.
... Appellant
Vs
The Kodumudi Growers Co-operative Bank Ltd 6/64 Bazar Street Kodumudi 638 151. ...
... Respondent
Prayer: Appeal filed against the order of the Income Tax Appellate Tribunal, Madras 'D' Bench, Chennai dated 19/3/2008 in ITA No.220 (Mds)2008.
For appellant : Mr.T.R.Senthil Kumar Senior Standing Counsel for Income Tax. For respondent : M/s.G.R.Associates - - - - - -
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J U D G M E N T
(Judgment of the Court was made by S.Manikumar,J)
This Appeal has been filed against the order of the Income Tax Appellate Tribunal, 'D' Bench, Madras, dated 19/3/2008.
are:-
“1. Whether on the facts and in the
circumstances of the case, the Income Tax
Tribunal is right in law in holding that deduction under Section 80P(2) (a) (i) of the Income Tax Act is to be allowed in respect of interest income received from Indira Vikas Patra?
circumstances of the case, the Income Tax Tribunal is right in law in not considering the fact that the judgment relied on by it in the case of CIT-Vs-Ratnagiri District Co-
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operative Bank Ltd reported in 254 ITR page 697 (BOM) is distinguishable on facts as it was a case wherein IVKs were purchased out of funds generated from banking business while so in the present case it is admittedly the interest income earned was from income other sources and not business income?”
the Tax Case Appeal No.1983 of 2008, as withdrawn, substantial questions of law raised are left open. No costs.
mvs.
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S.MANIKUMAR,J
a n d
D.KRISHNAKUMAR,J
mvs.
Tax Case Appeal No.1983 of 2008
15/6/2016
3 issues framed by the court
Whether deduction under Section 80P(2)(a)(i) is allowable for interest income from Indira Vikas Patra?
Whether the cited judgment in CIT-Vs-Ratnagiri District Co-operative Bank Ltd is distinguishable on facts?
Whether to allow withdrawal of appeal and leave substantial questions of law open in view of a circular?
1 provisions across 1 enactments
The Commissioner of Income Tax Erode
The Kodumudi Growers Co-operative Bank Ltd
S.MANIKUMAR
D.KRISHNAKUMAR
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
