TaxTMI 
TaxTMI 
2014 (11) TMI 609
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....7. During the year the appellant had suffered loss in trading business amounting to Rs. 4,29,763/- and earned income under the heads of interest, dividend, Godown storage, jeep hiring to the tune of Rs. 11,11,840/-. The Assessing Officer did not allow set off of business loss. Being aggrieved by the same the assessee filed appeal before the Commissioner of Income Tax (Appeals) mentioning two issues of ignoring business loss of Rs. 429763/- and regarding non allowance of deduction under section 80P(2)(d) of the Act for interest income paid by the assessee. CIT(A) allowed the appeal and held that the assessee is entitled for deduction u/s 80P(2)(d) of the Act for interest income amounting to Rs. 7,94,992/-. On further appeal against the order....
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....ided afresh; ii. It is well settled that a decision not expressed, not accompanied by reasons cannot be deemed to be a law declared to have a binding effect as contemplated by Article 141 of the Constitution; iii. It is for the High Court to find out what is distinction between the decision on the case before the Supreme Court and what is the ratio decidendi so as to decide the issue on merits according to its own interpretation of the judgment of the Apex Court; iv. As per the Scheme of the Income Tax Act net income relatable to a particular head or item has to go in as a component of the gross total income before any deduction under Chapter VIA is allowed; v. In case of an assessee, carrying on business of banking income under Section ....
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....ndian Trusts Act income arising therefrom would be attributable to the business of banking, and eligible for deduction under Section 80P(2)(a)(i) of the Act; xii. Definition of 'working capital' under Section 2(24) of the GCS Act cannot be restricted to mean money raised by borrowing; xiii. The Scheme under the GCS Act in case of society carrying on business of banking is that, it would be permissible to make investments or deposits in any of the specified modes as provided in Section 71 of the GCS Act including any of the modes specified in Section 20 of the Indian Trusts Act without there being any upper limit as to the amount that can be invested, once the statutory requirement of reserve fund stipulated in Section 67(2) of the....