{"id":57696,"date":"2009-06-16T00:00:00","date_gmt":"2009-06-15T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/the-commissioner-of-income-tax-iv-vs-the-solapur-nagari-audyogic-on-16-june-2009"},"modified":"2018-08-13T04:01:55","modified_gmt":"2018-08-12T22:31:55","slug":"the-commissioner-of-income-tax-iv-vs-the-solapur-nagari-audyogic-on-16-june-2009","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/the-commissioner-of-income-tax-iv-vs-the-solapur-nagari-audyogic-on-16-june-2009","title":{"rendered":"The Commissioner Of Income Tax-Iv vs The Solapur Nagari Audyogic … on 16 June, 2009"},"content":{"rendered":"
Bombay High Court<\/div>\n
The Commissioner Of Income Tax-Iv vs The Solapur Nagari Audyogic … on 16 June, 2009<\/div>\n
Bench: V.C. Daga, J.P. Devadhar<\/div>\n
                                1\n\n            IN THE HIGH COURT OF JUDICATURE AT BOMBAY\n\n              ORDINARY ORIGINAL CIVIL JURISDICTION\n\n\n\n\n                                                                 \n                 INCOME TAX APPEAL NO.46 OF 2008\n\n\n\n\n                                         \n    The Commissioner of Income Tax-IV,\n    60\/61 Praptikar Sadan Annex\n    Building, Erandwana, Karve Road,\n    Pune - 411 004.                             ..Appellant.\n\n\n\n\n                                        \n                 V\/s.\n\n    The Solapur Nagari Audyogic Sahakari\n    Bank Ltd. 340A, Sakhar Peth,\n\n\n\n\n                              \n    Solapur - 413 005.                         ..Respondent.\n                     ig       WITH\n\n             INCOME TAX APPEAL (LOD) NO.664 OF 2008\n                   \n    The Commissioner of Income Tax-IV,\n    60\/61 Praptikar Sadan Annex\n    Building, Erandwana, Karve Road,\n      \n\n    Pune - 411 004.                            ..Appellant.\n   \n\n\n\n             V\/s.\n\n    The Vidya Sahakari Bank Ltd.,\n    596 Sadashiv Peth, Laxmi Road,\n\n\n\n\n\n    Pune - 411 030.                            ..Respondent.\n\n\n                              WITH\n\n                INCOME TAX APPEAL NO.157 OF 2009\n\n\n\n\n\n    The Commissioner of Income Tax-IV,\n    60\/61 Praptikar Sadan Annex\n    Building, Erandwana, Karve Road,\n    Pune - 411 004.                            ..Appellant.\n\n             V\/s.\n\n    The Laxmi Co-operative Bank Ltd.,\n    319, South Kasba, Solapur.                 ..Respondent.\n\n\n\n\n                                         ::: Downloaded on - 09\/06\/2013 14:40:13 :::\n                                   2\n\n                              WITH\n                INCOME TAX APPEAL NO.477 OF 2005\n                              WITH\n\n\n\n\n                                                                  \n                INCOME TAX APPEAL NO.478 OF 2005\n                              WITH\n                INCOME TAX APPEAL NO.521 OF 2005\n\n\n\n\n                                          \n    The Commissioner of Income Tax-IV,\n    60\/61 Praptikar Sadan Annex\n    Building, Erandwana, Karve Road,\n\n\n\n\n                                         \n    Pune - 411 004.                             ..Appellant.\n\n             V\/s.\n\n    The Solapur Janata Sahakari Bank Ltd.,\n\n\n\n\n                                 \n    \"Shivsmarak\", Gold Finch Peth, Solapur ..Respondent.\n                     ig       WITH\n\n                INCOME TAX APPEAL NO.560 OF 2005\n                   \n    The Commissioner of Income Tax-IV,\n    60\/61 Praptikar Sadan Annex\n    Building, Erandwana, Karve Road,\n    Pune - 411 004.                             ..Appellant.\n      \n\n\n             V\/s.\n   \n\n\n\n    The Mangalwedha Urban Co-op. Bank Ltd.,\n    A\/p. Mangalwedha, Dist. Solapur.        ..Respondent.\n\n\n\n\n\n                              WITH\n\n              INCOME TAX APPEAL (L) NO.393 OF 2008\n\n\n\n\n\n    The Commissioner of Income Tax-III,\n    PMT Building, \"B\" Wing, 3rd Floor,\n    Shankar Sheth Road Swargate,\n    Pune - 411 037.                             ..Appellant.\n\n             V\/s.\n\n    Sadhana Sahakari Bank Ltd.,\n    Shivsam Complex, Hadapsar,\n    Pune - 411 028.                             ..Respondent.\n\n\n\n\n                                          ::: Downloaded on - 09\/06\/2013 14:40:13 :::\n                                 3\n\n                              WITH\n\n              INCOME TAX APPEAL (L) NO.212 OF 2008\n\n\n\n\n                                                                 \n    The Commissioner of Income Tax-IV,\n\n\n\n\n                                         \n    60\/61 Praptikar Sadan Annex\n    Building, Erandwana, Karve Road,\n    Pune - 411 004.                            ..Appellant.\n\n             V\/s.\n\n\n\n\n                                        \n    Swami Samarth Sahakari Bank Ltd.,\n    Santosh Niwas, A\/P. Akkalkot,\n    Tal. Akkalkot, Dist. Solapur.              ..Respondent.\n\n\n\n\n                              \n                              WITH\n                    \n              INCOME TAX APPEAL (L) NO.162 OF 2008\n                   \n    The Commissioner of Income Tax-I,\n    B-Wing, 1st Floor, PMT Building,\n    Shankar Sheth Road, Swargate\n    Pune - 411 037.                            ..Appellant.\n      \n\n             V\/s.\n   \n\n\n\n    The Mangalwedha Urban Co-op. Bank Ltd.,\n    A\/p. Mangalwedha, Dist. Solapur.        ..Respondent.\n\n\n\n\n\n                              WITH\n\n               INCOME TAX APPEAL (L)No.211 OF 2008\n\n\n    The Commissioner of Income Tax-IV,\n\n\n\n\n\n    60\/61 Praptikar Sadan Annex\n    Building, Erandwana, Karve Road,\n    Pune - 411 004.                            ..Appellant.\n\n             V\/s.\n\n    Shivshakti Urban Co-op. Bank Ltd.,\n    739, Karmveer Nagar, A\/p. Barshi,\n    Tal. Barshi, Dist. Solapur.                ..Respondent.\n\n\n\n\n                                         ::: Downloaded on - 09\/06\/2013 14:40:13 :::\n                                 4\n\n                              WITH\n\n                INCOME TAX APPEAL NO.526 OF 2006\n\n\n\n\n                                                                 \n    The Commissioner of Income Tax-II          ..Appellant.\n\n\n\n\n                                         \n             V\/s.\n\n    Shri Mahavir Co-op. Bank Ltd.              ..Respondent.\n\n\n\n\n                                        \n                              WITH\n\n                 INCOME TAX APPEAL NO.19 OF 2007\n\n\n\n\n                              \n    The Commissioner of Income Tax,\n                    \n    Kolhapur, Ayakar Bhavan, 31, C\/2,\n    Tarabai Park, Kolhapur-416 003.            ..Appellant.\n                   \n             V\/s.\n\n    Shri Mahalaxmi Co-op. Bank Ltd.,\n    'Shree Bhavan', 167-B, Mangalwar\n    Peth, Kolhapur.                            ..Respondent.\n      \n   \n\n\n\n                              WITH\n\n                 INCOME TAX APPEAL NO.29 OF 2007\n\n\n\n\n\n    The Commissioner of Income Tax-IV,\n    60\/61 Praptikar Sadan Annex\n    Building, Erandwana, Karve Road,\n    Pune - 411 004.                            ..Appellant.\n\n\n\n\n\n             V\/s.\n\n    The Solapur District Industrial\n    Co-op. Ltd., 29\/30, Raviwar Peth,\n    Solapur.                                   ..Respondent.\n\n\n                               WITH\n                 INCOME TAX APPEAL NO.44 OF 2007\n                               WITH\n                INCOME TAX APPEAL NO.465 OF 2007\n                               WITH\n\n\n\n\n                                         ::: Downloaded on - 09\/06\/2013 14:40:13 :::\n                                 5\n\n                INCOME TAX APPEAL NO.469 OF 2007\n                              WITH\n                INCOME TAX APPEAL NO.470 OF 2009\n\n\n\n\n                                                                  \n    The Commissioner of Income Tax,\n\n\n\n\n                                          \n    Kolhapur, Aayakar Bhavan, 31,C\/2,\n    Tarabai, Kolhapur - 416 003.                ..Appellant.\n\n             V\/s.\n\n\n\n\n                                         \n    The Ajara Urban Co-op. Bank Ltd.\n    At Post & Tal. Ajara, Dist. Kolhapu.        ..Respondent.\n\n\n                              WITH\n\n\n\n\n                              \n                INCOME TAX APPEAL NO.163 OF 2007\n                    \n    The Commissioner of Income Tax,\n    Kolhapur, Aayakar Bhavan, 31,C\/2,\n                   \n    Tarabai, Kolhapur - 416 003.                ..Appellant.\n\n             V\/s.\n\n    Youth Development Co-op. Bank Ltd.,\n      \n\n    'Poornima' F-2, First flor,\n    Near Sambhaji Bridge, Kolhapur.             ..Respondent.\n   \n\n\n\n                              WITH\n\n\n\n\n\n                INCOME TAX APPEAL NO.166 OF 2007\n\n\n    The Commissioner of Income Tax-II,\n    9th Floor, MIDC Bldg., Road No.16,\n\n\n\n\n\n    Wagle Estate, Thane (W).                    ..Appellant.\n\n             V\/s.\n\n    Parsik Janata Sahakari Bank Ltd.            ..Respondent.\n\n\n                              WITH\n\n                INCOME TAX APPEAL NO.435 OF 2007\n\n\n\n\n                                          ::: Downloaded on - 09\/06\/2013 14:40:13 :::\n                                 6\n\n    The Commissioner of Income Tax-I,\n    Aayakar Bhavan, 31-C\/2, 'E' Ward,\n    Tarabai Park, Kolhapur-416 003.             ..Appellant.\n\n\n\n\n                                                                  \n             V\/s.\n\n\n\n\n                                          \n    Vasantdada Shetkari Sahakar Sakhari\n    Karkhana Ltd., Sangli, Dist. Sangli.        ..Respondent.\n\n\n                              WITH\n\n\n\n\n                                         \n                INCOME TAX APPEAL NO.777 OF 2007\n\n\n    The Commissioner of Income Tax-I,\n\n\n\n\n                              \n    B-Wing, 1st floor, PMT Building,\n    Shankarsheth Road, Swargate,\n    Pune - 411 037.\n\n             V\/s.\n                     ig                         ..Appellant.\n                   \n    Pune District Centra Co-op. Bank Ltd.       ..Respondent.\n\n\n                              WITH\n      \n\n                 INCOME TAX APPEAL NO.50 OF 2008\n   \n\n\n\n    The Commissioner of Income Tax-IV,\n    60\/61 Praptikar Sadan Annex\n    Building, Erandwana, Karve Road,\n\n\n\n\n\n    Pune - 411 004.                             ..Appellant.\n\n\n             V\/s.\n\n    The Solapur Nagar Audyogik Sahakari\n\n\n\n\n\n    Bank Ltd., 340A, Sakhar Peth,\n    Solapur - 413 005.                          ..Respondent.\n\n                              WITH\n\n             INCOME TAX APPEAL (LOD) NO.1320 OF 2007\n\n\n    The Commissioner of Income Tax-IV,\n    60\/61 Praptikar Sadan Annex\n    Building, Erandwana, Karve Road,\n    Pune - 411 004.                             ..Appellant.\n\n\n\n\n                                          ::: Downloaded on - 09\/06\/2013 14:40:13 :::\n                                       7\n\n\n                  V\/s.\n\n\n\n\n                                                                       \n    Solapur District Central Co-op.\n    Bank Ltd., 207, Gold Finch Peth,\n    Solapur.                                         ..Respondent.\n\n\n\n\n                                               \n    Mr.Vimal Gupta for appellant.\n\n\n\n\n                                              \n    Mr.S.N.Inamdar with Ms.Aasifa Khan for respondent.\n\n\n\n\n                                    \n                                          CORAM :    V.C.DAGA AND\n                                                     J.P.DEVADHAR, JJ.\n                           ig             DATED :    16TH JUNE, 2009.\n                         \n    JUDGMENT (PER J.P.DEVADHAR, J.)\n<\/pre>\n
    1.            The common question of law raised in all these<\/p>\n
    appeals is,<\/p>\n
         ” Whether the interest income received by a Co-
\n         operative Bank from investments made in Kisan Vikas<\/p>\n
         Patra (‘KVP’ for short) and Indira Vikas Patra
\n         (‘IVP’ for short) out of voluntary reserves is
\n         income from banking business exempt under section
\n         80P(2)(a)(i)of the Income Tax Act, 1961 ? ”\n<\/p>\n
    2.            Mr.Gupta, learned counsel appearing on behalf<\/p>\n
    of the revenue fairly stated that, the interest income<\/p>\n
    earned   by    a     co-operative bank   from KVP       \/ IVP,         where<\/p>\n
    investments in KVP \/ IVP are made from statutory reserves<\/p>\n
    in compliance of any statutory provision would be income<\/p>\n
    from banking business exempt under section 80P(2)(a)(i),<\/p>\n
                                               ::: Downloaded on – 09\/06\/2013 14:40:13 :::<\/span>
\n                                            8<\/span><\/p>\n
    in the light of the decision of this Court in the case of<\/p>\n
    CIT    V\/s.    Ratnagiri      District     Central       Co-operative            Bank<\/p>\n
    Ltd. reported in 254 I.T.R. 697 and several decisions of<\/p>\n
    the Apex Court including the decision in the case of CIT<\/p>\n
    V\/s. Karnataka State Co-operative Bank reported in 251<\/p>\n
    I.T.R. 194(S.C.).\n<\/p>\n
    3.             Mr.Gupta, however submits that the aforesaid<\/p>\n
    decisions would not apply to the facts of the present<\/p>\n
    case, because in the present case, the investments in KVP<\/p>\n
    \/     IVP   are<\/p>\n
                         made   out   of   voluntary        reserves          and      the<\/p>\n
    investments are not made out of statutory reserves in<\/p>\n
    compliance of any statutory provision.\n<\/p>\n
    4.             The    basic   argument      of    Mr.Gupta        is    that       the<\/p>\n
    Tribunal committed an error in relying upon the decision<\/p>\n
    of the Apex Court in the case of C.I.T. V\/s. Nawanshahar<\/p>\n
    Central       Coop.    Bank   Limited      (289   ITR      6),     C.I.T.        V\/s.\n<\/p>\n
    Ramanathapuram Dist. Coop. Central Bank Limited (255 ITR<\/p>\n
    423) and C.I.T. V\/s. Karnataka State Coop. Apex Bank (251<\/p>\n
    ITR 194), because in all those cases, the Apex Court was<\/p>\n
    concerned with the income arising from investments made<\/p>\n
    by co-operative banks in Government approved securities<\/p>\n
    from the statutory reserves and the investments were made<\/p>\n
    in compliance with the statutory provisions. Facts in the<\/p>\n
    present     case      being   altogether     different,          the      Tribunal<\/p>\n
    committed an error in upholding the contention of the<\/p>\n
                                                       ::: Downloaded on – 09\/06\/2013 14:40:13 :::<\/span>
\n                                                9<\/span><\/p>\n
    assessee by relying upon the aforesaid decisions of the<\/p>\n
    Apex Court which are wholly distinguishable on facts.\n<\/p>\n
    5.              Relying upon the decision of the Apex Court in<\/p>\n
    the case of Mehsana District Central Coop. Bank Limited<\/p>\n
    V\/s. I.T.O. reported in 251 ITR 522 (S.C.), Mr.Gupta<\/p>\n
    submitted that since the Tribunal has not considered the<\/p>\n
    question        as   to     whether       the    voluntary        reserves          were<\/p>\n
    utilized in the course of the ordinary banking business,<\/p>\n
    it is just and proper to set aside the decisions of the<\/p>\n
    Tribunal and remand the matter for denovo consideration.\n<\/p>\n
    6.              We see no merit in the above contentions.                           This<\/p>\n
    Court      in     the      case    of      Ratnagiri        District           Central<\/p>\n
    Cooperative          Bank       Limited        (supra)    after        considering<\/p>\n
    various         provisions        of      the     Maharashtra          Cooperative<\/p>\n
    Societies Act, 1960 and the Banking Regulation Act, 1949<\/p>\n
    has held that the investments made by a Cooperative Bank<\/p>\n
    in   IVP    out      of   the     funds    generated        from      the     banking<\/p>\n
    business would have direct and proximate connection with<\/p>\n
    or   nexus      with      the    earning       from   banking       business          and<\/p>\n
    attract the provisions of Section 80P(2)(a)(i) of the<\/p>\n
    Act.    In other words, this Court in the above case has<\/p>\n
    held that the interest income earned by a Cooperative<\/p>\n
    Bank from IVP would be income from banking business, if<\/p>\n
    the investment in IVP represented the funds generated<\/p>\n
    from the banking business.                     The said decision has been<\/p>\n
                                                          ::: Downloaded on – 09\/06\/2013 14:40:13 :::<\/span>
\n                                      10<\/span><\/p>\n
    upheld by the Apex Court by dismissing the Special Leave<\/p>\n
    Petition filed by the revenue [see 256 ITR (St) 48 (S.C.)<\/p>\n
    and 260 ITR (St) 272 (S.C.)].\n<\/p>\n
    7.          Thus, it is clear that investment in KVP \/ IVP<\/p>\n
    by a co-operative bank is a permissible banking business<\/p>\n
    and for availing deduction under section 80P(2)(a)(i) of<\/p>\n
    the Act, the co-operative bank has only to show that the<\/p>\n
    investment in KVP \/ IVP have been made from the funds<\/p>\n
    generated    from    the   banking    business.           Whether          the<\/p>\n
    investments in KVP \/ IVP have been made out of statutory<\/p>\n
    reserves or non statutory reserves is wholly irrelevant,<\/p>\n
    so long as the funds in the statutory reserves or the<\/p>\n
    non-statutory reserves are the funds generated from the<\/p>\n
    banking business.\n<\/p>\n
    8.          In all these cases, it is not the case of the<\/p>\n
    revenue that the amounts in the non statutory reserves of<\/p>\n
    the co-operative banks were not the amounts generated<\/p>\n
    from the banking business.       In fact, the specific case of<\/p>\n
    the revenue is that in all these cases, the surplus funds<\/p>\n
    available with the bank which were not immediately needed<\/p>\n
    for the banking activity were set apart in the voluntary<\/p>\n
    reserves.     Thus, in all these cases, deduction under<\/p>\n
    section 80P(2)(a)(i) is sought to be denied not on the<\/p>\n
    ground that the funds for investment in KVP \/ IVP were<\/p>\n
    not   generated     from   the   banking     business,           but       the<\/p>\n
                                               ::: Downloaded on – 09\/06\/2013 14:40:13 :::<\/span>
\n                                        11<\/span><\/p>\n
    deduction is being denied solely on the ground that the<\/p>\n
    investment in KVP \/ IVP have been made from the funds<\/p>\n
    lying in the voluntary reserves.\n<\/p>\n
    9.          As   rightly      contended    by     Mr.Inamdar,            learned<\/p>\n
    counsel for the assessee, the ratio laid down by this<\/p>\n
    Court in the case of Ratnagiri Dist. Central Co-op. Bank<\/p>\n
    Ltd. (supra) as well as the Apex Court in the cases<\/p>\n
    relied upon by the Tribunal is that making investments<\/p>\n
    by a bank is part of the business of banking.                      Therefore,<\/p>\n
    to<\/p>\n
           avail deduction on income from investments in KVP \/<\/p>\n
    IVP    under   section     80P(2)(a)(i)     of      the      Act,      what      is<\/p>\n
    relevant is that the investments in KVP \/ IVP are made by<\/p>\n
    the co-operative banks from the funds generated from the<\/p>\n
    banking business. In all the cases in hand, it is not the<\/p>\n
    case of the revenue that the amounts in the voluntary<\/p>\n
    reserves did not represent the funds generated from the<\/p>\n
    banking business. In these circumstances, the decision of<\/p>\n
    the the Tribunal in holding that the interest income from<\/p>\n
    KVP \/ IVP was from the business of banking eligible for<\/p>\n
    deduction under section 80P(2)(a)(i) of the Act cannot be<\/p>\n
    faulted.\n<\/p>\n
    10.         Strong reliance was placed by the counsel for<\/p>\n
    the revenue on the decision of the Apex Court in the case<\/p>\n
    of Mehsana District Central Co-op. Bank Ltd. (supra).\n<\/p>\n
    That    decision   has   no    relevance    to      the      facts       of     the<\/p>\n
                                                    ::: Downloaded on – 09\/06\/2013 14:40:13 :::<\/span>
\n                                               12<\/span><\/p>\n
    present     case.     In    that case,          there was        dispute as            to<\/p>\n
    whether the voluntary reserves were utlised in the course<\/p>\n
    of    the   ordinary       banking        business     and,      therefore,           the<\/p>\n
    matter was remanded back to ascertain as to whether the<\/p>\n
    voluntary reserves were utilised in the course of its<\/p>\n
    ordinary banking business. In the present case, there is<\/p>\n
    no dispute that the voluntary reserves have been utilised<\/p>\n
    to purchase KVP \/ IVP and this Court in the case of<\/p>\n
    Ratnagiri District Central Co-op. Bank Ltd. (supra) has<\/p>\n
    held that the investment in KVP \/ IVP by a bank is<\/p>\n
    attributable to banking business. Therefore, the decision<\/p>\n
    of the Apex Court in the case of Mehsana Dist. Central<\/p>\n
    Co-op. Bank Ltd. (supra) does not support the case of the<\/p>\n
    revenue.\n<\/p>\n
    11.           It was contended that where the co-operative<\/p>\n
    banks withdraw the surplus amount from the circulating or<\/p>\n
    working capital and keep them in voluntary reserves, then<\/p>\n
    it    would    mean        that    these        surplus     amounts          are      not<\/p>\n
    immediately needed for the banking business. In such a<\/p>\n
    case, it is contended that investing the surplus amounts<\/p>\n
    in the voluntary reserves in KVP \/ IVP                       for a long period<\/p>\n
    of 5 years cannot be said to be during the course of<\/p>\n
    banking     business.             There    is    no   merit       in     the       above<\/p>\n
    argument, because, the very same argument advanced by the<\/p>\n
    revenue in the case of Karnataka State Co-operative Apex<\/p>\n
                                                          ::: Downloaded on – 09\/06\/2013 14:40:13 :::<\/span>
\n                                          13<\/span><\/p>\n
    Bank (supra) have been rejected by the Apex Court by<\/p>\n
    holding    that      there   is   nothing    in     the      phraseology           of<\/p>\n
    section 80P(2)(a)(i) which makes it applicable only to<\/p>\n
    income derived from working or circulating capital.\n<\/p>\n
    12.            Therefore,    in    all     these      cases,         where        the<\/p>\n
    surplus funds not immediately required for day to day<\/p>\n
    banking were kept in voluntary reserves and invested in<\/p>\n
    KVP \/ IVP, the interest income received from KVP \/ IVP<\/p>\n
    would     be    income     from   banking    business           eligible          for<\/p>\n
    deduction under section 80P(2)(a)(i) of the Act.\n<\/p>\n
    13.            In the result, there being no dispute that the<\/p>\n
    funds in the voluntary reserves which were utilised for<\/p>\n
    investment in KVP \/ IVP by the co-operative banks were<\/p>\n
    the funds generated from the banking business, we hold<\/p>\n
    that in all these cases the Tribunal was justified in<\/p>\n
    holding that the interest income received by the co-\n<\/p>\n
    operative banks from the investments in KVP \/ IVP made<\/p>\n
    out of the funds in the voluntary reserves were eligible<\/p>\n
    for deduction under section 80P(2)(a)(i) of the Act.\n<\/p>\n
    14.            All   the   appeals   are    disposed         of    accordingly<\/p>\n
    with order as to costs.\n<\/p>\n
                                                  (V.C.DAGA, J.)<\/p>\n
                                                  (J.P.DEVADHAR, J.)<\/p>\n
                                                      ::: Downloaded on – 09\/06\/2013 14:40:13 :::<\/span>\n <\/p>\n","protected":false},"excerpt":{"rendered":"
Bombay High Court The Commissioner Of Income Tax-Iv vs The Solapur Nagari Audyogic … on 16 June, 2009 Bench: V.C. Daga, J.P. Devadhar 1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.46 OF 2008 The Commissioner of Income Tax-IV, 60\/61 Praptikar Sadan Annex Building, Erandwana, Karve Road, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11,8],"tags":[],"class_list":["post-57696","post","type-post","status-publish","format-standard","hentry","category-bombay-high-court","category-high-court"],"yoast_head":"\nThe Commissioner Of Income Tax-Iv vs The Solapur Nagari Audyogic ... on 16 June, 2009 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/the-commissioner-of-income-tax-iv-vs-the-solapur-nagari-audyogic-on-16-june-2009\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Commissioner Of Income Tax-Iv vs The Solapur Nagari Audyogic ... on 16 June, 2009 - 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