https://www.taxtmi.com/caselaws?id=71260 Income from a co-operative bank's trading in Government securities was treated as attributable to the business of banking because dealing in securities and investment in approved securities form part of banking activity under the Banking Regulation Act, and the transactions were made in the ordinary course of banking operations; deduction under section 80P(2)(a)(i) was therefore available. Interest income from investments of non-statutory reserves in mutual funds was also treated as attributable to banking business, following the view that income from deployment of surplus or idle banking funds remains eligible for the same deduction. Both categories of banking-related income were held deductible, and the Revenue's challenge failed. en-us Mon, 08 Aug 2005 00:00:00 +0530 Wed, 08 Aug 2012 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71260 Income from a co-operative bank's trading in Government securities was treated as attributable to the business of banking because dealing in securities and investment in approved securities form part of banking activity under the Banking Regulation Act, and the transactions were made in the ordinary course of banking operations; deduction under section 80P(2)(a)(i) was therefore available. Interest income from investments of non-statutory reserves in mutual funds was also treated as attributable to banking business, following the view that income from deployment of surplus or idle banking funds remains eligible for the same deduction. Both categories of banking-related income were held deductible, and the Revenue's challenge failed. Case-Laws Income Tax Mon, 08 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71260