https://www.taxtmi.com/caselaws?id=217540 The court ruled in favor of the cooperative society, holding that the interest earned on deposits made out of non-SLR funds was directly attributable to its banking activities. The judgment emphasized that such income fell within the scope of normal banking operations, making it eligible for deduction under Section 80P(2)(a)(i) of the Income-tax Act, 1961. By analyzing legal precedents and interpreting the term "attributable to" broadly, the court rejected the revenue's arguments and upheld the cooperative society's entitlement to the deduction, highlighting the importance of prudent business management in banking institutions. en-us Thu, 04 Oct 2012 00:00:00 +0530 Mon, 15 Oct 2012 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217540 The court ruled in favor of the cooperative society, holding that the interest earned on deposits made out of non-SLR funds was directly attributable to its banking activities. The judgment emphasized that such income fell within the scope of normal banking operations, making it eligible for deduction under Section 80P(2)(a)(i) of the Income-tax Act, 1961. By analyzing legal precedents and interpreting the term "attributable to" broadly, the court rejected the revenue's arguments and upheld the cooperative society's entitlement to the deduction, highlighting the importance of prudent business management in banking institutions. Case-Laws Income Tax Thu, 04 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217540