https://www.taxtmi.com/caselaws?id=203285 Income earned from utilisation of statutory reserves under section 67(2) of the Gujarat Co-operative Societies Act, 1961 was treated as covered by this Court's earlier ruling in CIT v. M/s Shivalik Kshetriya Gramin Bank, and the Tribunal's allowance of deduction under section 80P(2)(a)(i) was left undisturbed. The same controlling precedent was applied to income from utilisation of voluntary reserves, with the revenue conceding that the earlier decision governed the issue. On both questions, the Tribunal's order stood and the appeals were dismissed. en-us Mon, 04 Apr 2011 00:00:00 +0530 Mon, 16 May 2011 13:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203285 Income earned from utilisation of statutory reserves under section 67(2) of the Gujarat Co-operative Societies Act, 1961 was treated as covered by this Court's earlier ruling in CIT v. M/s Shivalik Kshetriya Gramin Bank, and the Tribunal's allowance of deduction under section 80P(2)(a)(i) was left undisturbed. The same controlling precedent was applied to income from utilisation of voluntary reserves, with the revenue conceding that the earlier decision governed the issue. On both questions, the Tribunal's order stood and the appeals were dismissed. Case-Laws Income Tax Mon, 04 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203285