2015 (3) TMI 1411

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dated 15-05-2012 for the assessment year 2006-07 wherein the Revenue raised following ground. ''On the facts and in the circumstances of the case, the ld. CIT(A) has erred in:- (i) treating the receipts on account of interest from employees, interest on savings, dividend and income from no dues certificates as income from banking business activities and consequent allowance of de....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ions. ''03. From the details filed, it is also seen that the assessee bank has advanced loans to the person other than the members of the assessee bank. The interest earned and other details of other income are as under:- 1. Interest from the employees Rs. 237860/- 2. Interest on savings Rs. 119717/- 3. Dividend Rs. 1500459/- 4. Income from no dues certifi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n loan advance to other than members (ii) interest earned on savings/ deposits with other banks (iii) Dividend and (iv) from no dues certificate was taxed as Income from other sources treating them non-banking activities in the assessments completed for assessment year 2004-05 & 2005- 06 and which were accepted by the assessee and the assessment orders were not challenged at any stage. Therefore, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ring the course of hearing, the ld. DR the supported the order of the AO whereas nobody was present from the side of the assessee. 3.5 We have heard the ld. DR and perused the materials available on record. It is evident from the assessment order that the assessee had income from interest from the employees, interest on savings, dividend and income from no dues certificate totaling to Rs. 18,93....