https://www.taxtmi.com/caselaws?id=217680 Interest earned by a cooperative bank on deposits from non-SLR funds and voluntary reserves was treated as income attributable to banking business and therefore deductible under section 80P(2)(a)(i). The Court reasoned that banking includes not only lending and accepting deposits but also investment of circulating or surplus funds in the ordinary course of business. It further held that no real distinction exists, for this purpose, between SLR and non-SLR investments when the funds are employed as part of banking operations. en-us Tue, 16 Oct 2012 00:00:00 +0530 Sat, 20 Oct 2012 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217680 Interest earned by a cooperative bank on deposits from non-SLR funds and voluntary reserves was treated as income attributable to banking business and therefore deductible under section 80P(2)(a)(i). The Court reasoned that banking includes not only lending and accepting deposits but also investment of circulating or surplus funds in the ordinary course of business. It further held that no real distinction exists, for this purpose, between SLR and non-SLR investments when the funds are employed as part of banking operations. Case-Laws Income Tax Tue, 16 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217680