SUPREME COURT OF INDIA

Before:- S.P. Bharucha, Y.K. Sabharwal and Brijesh Kumar, JJ.

Civil Appeal Nos. 4477-79 of 1998. D/d. 30.10.2001.

Commissioner of Income Tax, Madras - Appellants

Versus

Ramanathapuram Distt.Coop.Cent.Bank Ltd. - Respondents

Income Tax Act, 1961, Section 80P(2)(a)(i) - Deduction under - Entitlement - Whether interest on securities, subsidies received from Government and dividend business income of the assessee entitled to deduction - Relying on decisions reported in 251 ITR 194, 251 ITR 522 and 32 ITR 688, question answered in the affirmative.

[Paras 2 and 3]

Cases Referred :-

Commissioner of Income Tax v. Karnataka State Cooperative Banks Limited., 251 I.T.R. 194.

Mehsana District Central Cooperative Bank Limited v. Income Tax Officer., 251 I.T.R. 522.

United Commercial Bank Limited v. Commissioner of Income Tax, West Bengal., 32 I.T.R. 688.

ORDER

S.P. Bharucha, J. - The High Court has answered against the Revenue the following question:

"Whether on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the interest on securities, subsidies received from the Government and dividend business income of the assessee entitled to deduction under Section 80P(2)(a)(1) of the Income Tax Act, 1961?"

2. The very question was considered by this Court in Commissioner of Income Tax v. Karnataka State Cooperative Banks Limited (251 I.T.R. 194) and the conclusion was reiterated in Mehsana District Central Cooperative Bank Limited v. Income Tax Officer (251 I.T.R. 522). It is now contended on behalf of the Revenue that the decision of this Court in United Commercial Bank Limited v. Commissioner of Income Tax, West Bengal (32 I.T.R. 688) was CC not considered.

3. We do not think that it is open to the Revenue to urge, through different counsel, the same thing again and again. We are satisfied that the answer to the question has been correctly given in the decisions aforementioned and in the order under appeal. The civil appeals are dismissed with costs.

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