2009 (7) TMI 69

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....ppellant. Mrs. Sutapa Roychowdhury, advocate, for the Respondent. The Court: This is an appeal against a judgment and order dated September 19, 2008 passed by the Income Tax Appellate Tribunal 'A' Bench, Kolkata in ITA Nos.1415 and 1418/Kol./2008 pertaining to the assessment years 2003-04 and 2004-05. The assessee is Ramkrishnapur Co-operative Bank Limited. Admittedly, the assessee, a co-....

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....as unexplained income of the assessee under Section 68 of the said Act. The tribunal affirmed the order of the assessing officer, upsetting the order of the Commissioner of Income Tax in Appeal, by holding that the assessing officer was justified in making disallowance of 10% per cent. of the expenses claimed by the assessee for the assessment year 2003-04. Mrs. Roychowdhury, learned advocat....

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....ts and short term fixed deposits in bank are, also, entitled to deduction. The point is no longer res judicata. A Division Bench of the Karnataka High Court in the case of Commissioner of Income Tax and another vs. Sri Ram Sahakari Bank Limited, reported in 226 Income Tax Report 632, inter alia, held that interest and dividend income derived out of investment are entitled to deduction. The a....