https://www.taxtmi.com/caselaws?id=67566 Income from a co-operative bank's investment in Government and other approved securities is attributable to banking business and qualifies for exemption under section 80P(2)(a)(i) of the Income-tax Act. Banking activity includes accepting deposits for lending or investment and dealing in securities; approved-security investments made in the ordinary course therefore retain the character of banking income. Banking law governs reserve and liquidity investments by co-operative banks, so absence of the Registrar's sanction under co-operative societies law does not convert income from lawful approved-security investments into non-banking income or defeat the exemption. en-us Tue, 03 Jun 1986 00:00:00 +0530 Fri, 11 Mar 2011 13:02:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67566 Income from a co-operative bank's investment in Government and other approved securities is attributable to banking business and qualifies for exemption under section 80P(2)(a)(i) of the Income-tax Act. Banking activity includes accepting deposits for lending or investment and dealing in securities; approved-security investments made in the ordinary course therefore retain the character of banking income. Banking law governs reserve and liquidity investments by co-operative banks, so absence of the Registrar's sanction under co-operative societies law does not convert income from lawful approved-security investments into non-banking income or defeat the exemption. Case-Laws Income Tax Tue, 03 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67566