https://www.taxtmi.com/caselaws?id=201379 The High Court of Himachal Pradesh upheld the entitlement of the cooperative bank to a deduction under Section 80P(2)(a)(i) for interest earned on non-SLR deposits and surplus funds in non-statutory reserves. The court emphasized that such income is directly linked to banking activities and ruled in favor of the assessee, rejecting the revenue's arguments. The decision was based on the principle that investing reserve funds to earn interest is integral to banking operations, resulting in a favorable outcome for the cooperative bank. en-us Thu, 22 Jul 2010 00:00:00 +0530 Wed, 05 Jan 2011 18:33:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201379 The High Court of Himachal Pradesh upheld the entitlement of the cooperative bank to a deduction under Section 80P(2)(a)(i) for interest earned on non-SLR deposits and surplus funds in non-statutory reserves. The court emphasized that such income is directly linked to banking activities and ruled in favor of the assessee, rejecting the revenue's arguments. The decision was based on the principle that investing reserve funds to earn interest is integral to banking operations, resulting in a favorable outcome for the cooperative bank. Case-Laws Income Tax Thu, 22 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201379