https://www.taxtmi.com/caselaws?id=208195 Section 80P(2)(a)(i) applies only to profits attributable to an actually carried on banking business or to providing credit facilities to members. After cancellation of the banking licence, post-cancellation interest and allied investment receipts were not treated as banking income, and section 176(3A) was not attracted because the business had not been discontinued in the relevant sense. Gains from sale of government securities were assessed as capital gains, not business income eligible for deduction, because the assessee was no longer carrying on banking operations. Write-back of unclaimed dividend was not taxable as income, since it represented an earlier application of income and did not fall within section 41. en-us Wed, 30 Nov 2011 00:00:00 +0530 Mon, 02 Jan 2012 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208195 Section 80P(2)(a)(i) applies only to profits attributable to an actually carried on banking business or to providing credit facilities to members. After cancellation of the banking licence, post-cancellation interest and allied investment receipts were not treated as banking income, and section 176(3A) was not attracted because the business had not been discontinued in the relevant sense. Gains from sale of government securities were assessed as capital gains, not business income eligible for deduction, because the assessee was no longer carrying on banking operations. Write-back of unclaimed dividend was not taxable as income, since it represented an earlier application of income and did not fall within section 41. Case-Laws Income Tax Wed, 30 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208195