Judgment

KAPUR, J. : The appellant is a Bank registered under the Co-operative Societies Act, 1912 (Act II of 1912) and is deemed to be registered under the Bihar and Orissa Co-operative Societies Act. 1935 (Bihar Act VI of 1935) which in Bihar has replaced the Co-operative Societies Act of 1912. It was carrying on banking business on the State o Bihar. One of the objects of the Bank is to carry on general business of banking not repugnant to the provisions of the Bihar Act and rules framed thereunder for the time being in force (Bye-Law 3(a) vi). In the calendar years 1945, 1946 and 1947, the appellant Bank received by way of interest on deposits with the Imperial Bank of India the sums of Rs. 7,192, Rs. 20,250 and Rs. 22,600 respectively. It is these sums which are the subject matter of dispute in these three appeals which relate to the respective assessment years 1946-47, 1947-48 and 1948-49. These sums were not assessed when assessment was made under S. 23(3) of the Income-tax Act, but subsequently under S. 34 they were assessed as being income under the head other sources . This order was upheld by the Appellate Assistant Commissioner and by the Income-tax Appellate Tribunal.