- (1.) The High Court has answered against the revenue, the following question : Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the interest on securities, subsidies received from the Government and dividend business income of the assessee were entitled to deduction u/s. 80P(2)(a)(i) of the Income-tax Act, 1961
(2.) The very question was considered by this Court in CIT V/s. Karnataka State Co-operative Apex Bank, 2001 251 ITR 1941 and the conclusion was reiterated in Mehsana District Central Co-operative Bank Ltd. V/s. ITO, 2001 251 ITR(SC) 5222.
(3.) It is now contended on behalf of the revenue that the decision of this Court in United Commercial Bank Ltd. V/s. CIT, 1957 32 ITR 688 was not considered.;