2011 (9) TMI 1070

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....ER R.S. SYAL, AM : This appeal by the Revenue arises out of the order passed by the CIT(A) on 03-02-2010 in relation to asstt. year 1997-98. 2. The following two effective grounds have been raised in this appeal : "1. Whether on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in holding that the miscellaneous income Rs. 8,74,696/- is eligible for ....

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.... CIT(A) u/s.80P on the Misc. income of Rs. 8,74,696/-. The ld. CIT(A), through para 4 of the impugned order, observed that similar issue was decided by him in asstt. year 1996-97 in favour of the assessee by granting deduction u/s.80P on such Misc. income. Following his decision, he allowed deduction in this year as well. 5. We have heard both the sides and perused the relevant material on reco....

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.... of deduction u/s.80P on interest income on bill discounting, interest on bill discounting under the LC, income from bank guarantee, and profit arising from dealing in foreign exchange. It is noticed that the assessee is engaged in banking business. Sec. 80P(1) grants deduction in respect of items of income specified in sub-section (2). Sub-section (2)(a)(i) provides that in the case of Co-operati....