The Commissioner of Income-tax-II, Nashik v. Jalgaon District Central Cooperative Bank Ltd - 2015-LL-0323-48

Citation	2015-LL-0323-48
Appellant Name	The Commissioner of Income-tax-II, Nashik
Respondent Name	Jalgaon District Central Cooperative Bank Ltd.
Court	HIGH COURT OF BOMBAY AT AURANGABAD
Relevant Act	Income-tax
Date of Order	23/03/2015
Judgment	View Judgment
Keyword Tags	taxable income • exempt income
Bot Summary:	Mr. Sharma, learned counsel for the Appellant submits that income on account of Uploaded on - 24/03/2015 Downloaded on - 07/07/2020 11:57:08 : ta8.05 2 commission from M.S.E.B. earned by the Bank for collection of M.S.E.B. Bills cannot be exempted under Section 80P(2)(a)(i) of the Income Tax Act. According to the learned counsel the same would be taxable income and the authorities have not considered the said aspect in proper perspectives. Learned counsel for Respondent submits that the issue involved in the present Appeal is no longer res integra in view of the Judgment of the Apex Court in the case of Commissioner of Income Tax, Nasik vs. Ahmednagar Dist. We have considered the Judgment of this Court in the case of Commissioner of Income Tax, Nashik, referred supra. In the said Judgment, it has been specifically held that the income by way of commission from M.S.E.B. would not be taxable and the same has close proximity to banking business and as such would attract benefit of ::: Uploaded on - 24/03/2015 Downloaded on - 07/07/2020 11:57:08 ::: ta8.05 3 exemption under Section 80P(2)(a)(i) of the Act.

IN HIGH COURT OF JUDICATURE AT BOMBAY BENCH AT AURANGABAD TAX APPEAL NO.8 OF 2005 Commissioner of Income Tax II, Kendriya Rajaswa Bhavan, Gadkari Chowk, Old Agra Road, Nashik 422 002. APPELLANT VERSUS Jalgaon District Central Co operative Bank Ltd., Ring Road, Jalgaon 425 001. RESPONDENTS Mr. Alok Sharma, Standing Counsel for Appellant. Mr.P.S. Gaikwad Advocate h/f. Mr. A.G. Talhar Advocate for Respondent. ... CORAM: S.V. GANGAPURWALA AND A.I.S. CHEEMA, JJ. DATE : 23RD MARCH, 2015 ORDER : 1. Mr. Sharma, learned counsel for Appellant submits that income on account of Uploaded on - 24/03/2015 Downloaded on - 07/07/2020 11:57:08 : ta8.05 2 commission from M.S.E.B. earned by Bank for collection of M.S.E.B. Bills cannot be exempted under Section 80P(2)(a)(i) of Income Tax Act. According to learned counsel same would be taxable income and authorities have not considered said aspect in proper perspectives. 2. Learned counsel for Respondent submits that issue involved in present Appeal is no longer res integra in view of Judgment of Apex Court in case of Commissioner of Income Tax, Nasik vs. Ahmednagar Dist. Central Co op. Bank Ltd., 2004(1) Mh.L.J. 853. 3. We have considered Judgment of this Court in case of Commissioner of Income Tax, Nashik, referred supra. In said Judgment, it has been specifically held that income by way of commission from M.S.E.B. would not be taxable and same has close proximity to banking business and as such would attract benefit of ::: Uploaded on - 24/03/2015 Downloaded on - 07/07/2020 11:57:08 ::: ta8.05 3 exemption under Section 80P(2)(a)(i) of Act. 4. In light of above, Appeal is dismissed. No costs. [A.I.S.CHEEMA,J.] [S.V.GANGAPURWALA,J.] asb/MAR15 Uploaded on - 24/03/2015 Downloaded on - 07/07/2020 11:57:08 Commissioner of Income-tax-II, Nashik v. Jalgaon District Central Cooperative Bank Ltd

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