https://www.taxtmi.com/caselaws?id=75096 The Court upheld the Tribunal's decision to allow the deduction under Section 80-P(2)(a)(i) for the cooperative urban bank's banking activities, dismissing the revenue's arguments regarding compliance with RBI norms and restrictions on investments. The Court found that the bank's activities qualified as business activities, entitling it to the deduction, and rejected the revenue's contention that Supreme Court judgments were not directly applicable. The Court declined to address the issue of investments limited to society members as it was not raised earlier. en-us Tue, 16 Feb 2010 00:00:00 +0530 Tue, 23 Mar 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75096 The Court upheld the Tribunal's decision to allow the deduction under Section 80-P(2)(a)(i) for the cooperative urban bank's banking activities, dismissing the revenue's arguments regarding compliance with RBI norms and restrictions on investments. The Court found that the bank's activities qualified as business activities, entitling it to the deduction, and rejected the revenue's contention that Supreme Court judgments were not directly applicable. The Court declined to address the issue of investments limited to society members as it was not raised earlier. Case-Laws Income Tax Tue, 16 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75096