2003 (9) TMI 6

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....hote J. - The Income-tax Appellate Tribunal, Jaipur Bench, Jaipur (for short, "the Tribunal"), under section 256(1) of the Income-tax Act, 1961, in Reference Application No. 308/JP of 1986 arising out of I.T.A. No. 408/JP of 1985, assessment year 1981-82, has referred for the opinion of this court the following questions: "1. Whether, on the facts and in the circumstances of the case, the Tribu....

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....uence thereof would be that questions Nos. 1 and 2 would become otiose, which means a decision would not be required thereon. Learned counsel for the Revenue, referring to certain decisions of the other High Courts, contended that the learned Tribunal was not correct in its approach to hold that the income from investment of reserves and other funds could be said to be from banking business and....

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....capital. However, this view taken by the hon'ble apex court in the judgment aforesaid was not accepted by the hon'ble apex court in CIT v. Karnataka State Co-operative Apex Bank [2001] 251 ITR 194, wherein it has been held: "The question is whether we agree with the reasoning in Madhya Pradesh Co-operative Bank Ltd. [1996] 218 ITR 438 (SC). There is no doubt, and it is not disputed, that the as....