https://www.taxtmi.com/caselaws?id=76320 The High Court affirmed that interest income earned by a co-operative bank on deposits exceeding the statutory liquidity ratio (SLR) is eligible for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. The court relied on apex court decisions and established legal principles to support its conclusion that such income is part of the banking business and therefore deductible. The judgment clarifies the interpretation of the provision and emphasizes the consistency of legal precedents in allowing the deduction for interest earned on non-SLR funds by co-operative banks. en-us Wed, 06 Jan 2010 00:00:00 +0530 Sat, 19 Jun 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76320 The High Court affirmed that interest income earned by a co-operative bank on deposits exceeding the statutory liquidity ratio (SLR) is eligible for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. The court relied on apex court decisions and established legal principles to support its conclusion that such income is part of the banking business and therefore deductible. The judgment clarifies the interpretation of the provision and emphasizes the consistency of legal precedents in allowing the deduction for interest earned on non-SLR funds by co-operative banks. Case-Laws Income Tax Wed, 06 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76320