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Section 80P of the Income-tax Act, 1961 - Deductions - Income of co-operative societies - Whether income of assessee co-operative bank from interest on securities, commission, subsidy, donation and locker rent was exempt under section 80P - Held, yes FACTS The Tribunal held that the income of the assessee - co-operative bank from interest on securities, commission, subsidy, donation and locker rent was exempt under section 80P. The Tribunal, while rejecting the application of the department under section 256(1) had placed reliance on a decision of MP High Court in CIT v. Dhar Central Co-operative Bank [1984] 149 ITR 438 and of the Supreme Court in Bihar State Co-operative Bank Ltd. v. CIT [1960] 39 ITR 114. On application under section 256(2): HELD In view of decisions relied upon by the Tribunal and provision of section 80P, no question of law arose for which a direction might be required to be given to the Tribunal for stating the case. The application was, therefore, dismissed. Note : The decision is in favour of the assessee. CASE REVIEW CIT v. Dhar Central Co-operative Bank [1984] 149 ITR 438 (MP) and Bihar State Co-operative Bank Ltd. v. CIT [1960] 39 ITR 114 (SC) followed and relied upon. CASES REFERRED TO CIT v. Dhar Central Co-operative Bank [1984] 149 ITR 438 (MP) and Bihar State Co-operative Bank Ltd. v. CIT [1960] 39 ITR 114 (SC) JUDGMENT S.S. Sharma, J. - This order shall also govern the disposal of Misc. Civil Cases Nos. 89 of 1986, 90 of 1986, 91 of 1986 and 92 of 1986. This is a reference application under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as the Act). The question sought to be referred is as under: "Whether the Appellate Tribunal committed an error in law in treating the income of the assessee from interest on securities, commission, subsidy, donation and locker rent as exempt under section 80P of the Income-tax Act, 1961?" The Tribunal, while rejecting the application of the Department under section 256(1) of the Act, had placed reliance on a decision of this court in CIT v. Dhar Central Co-operative Bank [1984] 149 ITR 438 (MP). With regard to the income from interest, reliance was placed on a decision of the…

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