https://www.taxtmi.com/caselaws?id=70871 Income earned by a co-operative bank from commission for collecting fertiliser sale funds was treated as attributable to banking business and therefore eligible for exemption under section 80P(2)(a)(i). Amounts recovered for house rent, court fee, salary of a godown keeper, telephone charges and miscellaneous items were treated as reimbursement of expenses, not independent taxable income. Where the bank's relevant income was held exempt, disallowances relating to provision for gratuity, contribution to the District Co-operative Union and depreciation on securities could not be sustained on the footing of taxable business income. The note supports full relief in favour of the assessee. en-us Tue, 06 May 1986 00:00:00 +0530 Tue, 19 Apr 2011 17:41:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70871 Income earned by a co-operative bank from commission for collecting fertiliser sale funds was treated as attributable to banking business and therefore eligible for exemption under section 80P(2)(a)(i). Amounts recovered for house rent, court fee, salary of a godown keeper, telephone charges and miscellaneous items were treated as reimbursement of expenses, not independent taxable income. Where the bank's relevant income was held exempt, disallowances relating to provision for gratuity, contribution to the District Co-operative Union and depreciation on securities could not be sustained on the footing of taxable business income. The note supports full relief in favour of the assessee. Case-Laws Income Tax Tue, 06 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70871