- (1.) Civil Appeals Nos. 292-298 of 2001 : We are concerned in these appeals with the assessment years 1988-89 to 1994-95.
(2.) The High Court (see : GUJARAT STATE CO OPERATIVE LAND DEVLOPMENT BANK LIMITED V/S COMMISSIONER OF INCOME TAX, 2001 250 ITR 229 reframed the questions that arise in these appeals thus (page 249): "(1) Whether the Tribunal was right in law in disallowing the claim of the assessee-bank for deduction under Section 80P(2)(a)(i) in respect of income earned from utilization of its reserve funds being statutory reserves under Section 67(2) of the Gujarat Co-operative Societies Act, 1961 (2) Whether the assessee-bank is entitled to claim deduction under Section 80P(2)(a)(i) in respect of income earned from utilization of its voluntary reserves other than the statutory reserves mentioned above (3) Whether the Tribunal was right in law in holding that the locker rent is not deductible under Section 80P(2)(a)(i) -
(3.) In so far as the first question is concerned, it is covered against the Revenue by the judgment delivered by this court on August 22, 2001, in CIT v. Karnataka State Co-operative Apex Bank, 2001 251 ITR 194(SC) (Civil Appeals Nos. 4646-4648 of 2000). The first question, therefore, is answered in the negative and in favour of the assessee.;