1. Heard Learned Counsel on both sides.

2. In these appeals, following questions of law arise for determination:

2.1. Whether the High Court CIT v. Nawanshahar Central Coop. Bank Ltd., ITA No. 152 of 2002, decided on 23-1-2003 (P&H) was justified in holding that the Respondent-assessee was entitled for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961 in respect of income from underwriting commission and interest on PSEB Bonds and IDBI Bonds

2.2. Whether the High Court was justified in affirming the decision of the Tribunal that the income earned by the Assessee which was derived from underwriting the issue of bonds and investments in PSEB Bonds was in the nature of income from banking business and hence qualified for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961

3. In view of the decision of this Court in the case of CIT v. Nawanshahar Central Co-operative Bank Ltd., (2007) 208 CTR (SC) 438 : (2007) 15 SCC 611 [LQ/SC/2005/473] ) these civil appeals filed by the Department are dismissed. No order as to costs.