Commissioner Of Income-Tax vs Karnataka State Co-Operative Apex Bank

The Supreme Court ordered the condonation of delay and granted leave to appeal, recognizing a conflict between the judgments in M. P. Co-operative Bank Ltd. v. AddL CTT and CIT v. Bangalore District Co-operative Central Bank Ltd. The Court decided that the appeals should be heard by a larger bench of three judges to resolve the discrepancies in legal interpretations. This decision underscores the importance of consistency in judicial rulings on tax matters.