https://www.taxtmi.com/caselaws?id=71431 Capital gains from sale of immovable property acquired by a co-operative bank in satisfaction of a debt were held not to be profits attributable to banking business for purposes of section 80P(2)(a)(i). The expression "attributable to" is wider than "derived from", but it does not extend to sale proceeds of a permanent capital asset that had been treated as a capital asset and on which depreciation was claimed; such property was not a readily realisable banking security. The exemption claim therefore failed. The computation of capital gain, however, was found to be incorrect in the lower authorities, and the correct capital gain was accepted at Rs. 75,900. en-us Fri, 18 Jan 1991 00:00:00 +0530 Sat, 23 Apr 2011 13:41:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71431 Capital gains from sale of immovable property acquired by a co-operative bank in satisfaction of a debt were held not to be profits attributable to banking business for purposes of section 80P(2)(a)(i). The expression "attributable to" is wider than "derived from", but it does not extend to sale proceeds of a permanent capital asset that had been treated as a capital asset and on which depreciation was claimed; such property was not a readily realisable banking security. The exemption claim therefore failed. The computation of capital gain, however, was found to be incorrect in the lower authorities, and the correct capital gain was accepted at Rs. 75,900. Case-Laws Income Tax Fri, 18 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71431