https://www.taxtmi.com/caselaws?id=78449 A co-operative bank's interest on compulsory investments of reserve funds in Government securities was treated as business income and allowed as a deduction under section 80P, because the investment was statutorily mandated and formed part of the banking activity. Income from leasing immovable property was also held deductible under section 80P, since leasing is recognised as a banking business under the governing banking statute and applies to co-operative banks through the statutory scheme. On that basis, the assessment and appellate orders were set aside and exemption was allowed on both heads of income. en-us Wed, 09 Sep 2009 00:00:00 +0530 Wed, 17 Nov 2010 17:11:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78449 A co-operative bank's interest on compulsory investments of reserve funds in Government securities was treated as business income and allowed as a deduction under section 80P, because the investment was statutorily mandated and formed part of the banking activity. Income from leasing immovable property was also held deductible under section 80P, since leasing is recognised as a banking business under the governing banking statute and applies to co-operative banks through the statutory scheme. On that basis, the assessment and appellate orders were set aside and exemption was allowed on both heads of income. Case-Laws Income Tax Wed, 09 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78449